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Unemployment Hits Baby Boomers Hard

The Baltimore Examiner, 2/11/09

Abstract:

It's bad enough that baby boomers are falling into the ranks of the unemployed at an alarming rate. But what's worse, according to an AARP survey, is that they are likely to stay unemployed longer or just drop out of the workforce altogether.

"Long-term unemployment tends to be a greater problem for older job seekers than their younger counterparts," says a report from the AARP Public Policy Institute.

According to December 2008 labor statistics cited by the report, 32 percent of job seekers aged 55 and over remained unemployed for 27 weeks or more. Compare that to 23 percent of those ages 25 to 54, and 18 percent of those under age 25.

Here's a snapshot of what the AARP found:

• At the end of December, there were 11.1 million unemployed men and women ... 1.4 million were at least 55 years old;
• The number of newly unemployed in December increased by 632,000 ... about 60,000 were 55 and older;
• Men accounted for 60 percent of that December increase;
• The December unemployment rate for the 55-plus workforce was the highest monthly rate it has been since October 1992.

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