Sharing an interesting article analyzing the job market for older workers.
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Americans 55 and older have struggled with long-term unemployment, but a new report shows they also have gotten most of the jobs added since 2010.
(Source: Orange County Register, Business Section)
Nearly 3 million out of the 4.3 million jobs created since January 2010 have gone to workers 55 and older, according to an analysis by Challenger, Gray & Christmas, an international outplacement firm that tracks hirings and firings.
In contrast, the youngest workers and those in the 35- to 44-year-old age group and the 44- to 54-year old group all lost jobs over that period.
Older workers also had the second lowest unemployment rate (6.5%) after the 44- to 54-year-old group’s (6.4%).
“The unemployment rate among older workers still has a ways to go before reaching pre-recession levels of about 3%, but the pace at which these job seekers are finding employment compared to younger ones suggests they could reach pre-recession jobless rates before anyone else,” said John A. Challenger, chief executive of the outplacement firm.
He thinks employers’ reluctance to hire may give older workers an advantage.
“In this environment, a seasoned candidate who brings a wide variety of skills and experience to the table is going to have an advantage over younger candidates,” he said. “For employers, one experienced candidate is worth two or three younger, greener candidates, in terms of the ability to make immediate and meaningful contributions to output and the bottom line.”
The biggest problem for older workers is that if they do get laid off, it often takes them longer to find a job.
Challenger cited a Government Accountability Office report that showed 55% of unemployed workers 55 and older have been off the job for 27 weeks and 36% of those were out of work for more than a year.
The GAO report also noted that only a third of older workers who lost their jobs from 2007 to 2009 had found full-time work by 2010 and those who got jobs had a greater loss of earnings than did younger workers.
Nearly 3 million out of the 4.3 million jobs created since January 2010 have gone to workers 55 and older, according to an analysis by Challenger, Gray & Christmas, an international outplacement firm that tracks hirings and firings.
In contrast, the youngest workers and those in the 35- to 44-year-old age group and the 44- to 54-year old group all lost jobs over that period.
| Age group | Net job change Jan.2010-May 2012 | Unemployment rate May 2012 |
|---|---|---|
| All Ages 16+ | 4,319,000 | 8.2% |
| 16 – 19 | -54,000 | 24.6% |
| 20 – 24 | 980,000 | 12.9% |
| 25 – 34 | 882,000 | 8.2% |
| 35 – 44 | -232,000 | 6.8% |
| 44 – 54 | -276,000 | 6.4% |
| 55 and older | 2,998,000 | 6.5% |
Older workers also had the second lowest unemployment rate (6.5%) after the 44- to 54-year-old group’s (6.4%).
“The unemployment rate among older workers still has a ways to go before reaching pre-recession levels of about 3%, but the pace at which these job seekers are finding employment compared to younger ones suggests they could reach pre-recession jobless rates before anyone else,” said John A. Challenger, chief executive of the outplacement firm.
He thinks employers’ reluctance to hire may give older workers an advantage.
“In this environment, a seasoned candidate who brings a wide variety of skills and experience to the table is going to have an advantage over younger candidates,” he said. “For employers, one experienced candidate is worth two or three younger, greener candidates, in terms of the ability to make immediate and meaningful contributions to output and the bottom line.”
The biggest problem for older workers is that if they do get laid off, it often takes them longer to find a job.
Challenger cited a Government Accountability Office report that showed 55% of unemployed workers 55 and older have been off the job for 27 weeks and 36% of those were out of work for more than a year.
The GAO report also noted that only a third of older workers who lost their jobs from 2007 to 2009 had found full-time work by 2010 and those who got jobs had a greater loss of earnings than did younger workers.
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