Skip to comments.No Jobs? Employment Is At 40-Year High For Those 55 And Up
Posted on 05/04/2012 6:20:05 AM PDT by SeekAndFind
As the jobs crisis wears on, with payrolls still 5 million below their pre-recession peak, the share of age 55-and-older Americans working has recovered to near a 42-year high.
Workers under 55 have borne the brunt of the jobs recession, which may mean that its economic effects due to long-term unemployment, underemployment and stretched household balance sheets may linger.
Before the financial crisis, economists worried that labor shortages would develop in some occupations as baby boomers left the workforce.
But that's moved to the back burner since the recession began in December 2007. Job holders 55 and up have risen by 3.9 million and fallen by 8.1 million among those under 55, Labor Department data show. It's been 50 months and counting since payrolls peaked, a post-war record. Labor releases the April jobs report on Friday morning.
Some of this shift reflects demographics. Thanks to aging baby boomers, the 55-and-older population has grown by just shy of 10 million since the end of 2007. Meanwhile, those age 35-44 have fallen by 2.5 million.
But that only explains part of the puzzle. Older workers are hanging on to jobs longer, in part because of lost housing wealth and smaller 401(k) balances than they had counted on.
Among those 55-and-up, the employment-to-population ratio barely dipped even in the depth of recession and is now higher than at the end of 2007. The ratio among those 25-54 remains about 4 percentage points lower than before the recession started.
For the 65-69 and 70-74 groups, the employed shares are up 1.1 percentage points and 1.6 percentage points, respectively, over the past four years.
(Excerpt) Read more at news.investors.com ...
How about the unemployment numbers by age? Boomers may be hanging onto their jobs for dear life but if you are “seasoned” AND unemployed, you are SOL. Then there’s that whole underemployed thingie.
Not a healthy “jobs” indicator so much as an economically unhealthy indicator that fewer older people are unable to comfortably retire.
Lots of my fellow docs plan on working a long time since their retirement plans went poof.
Many of the over 50 crowd are also working to support their unemployed kids, who have moved back with mom and pop.
As a 60 year old, I’m making more than ever. Enjoying work more than ever. And my incentive to retire is?
That sounds like me! 55 years old, 3 college degrees (BS, MS, PhD) and unemployed for almost 3 years. I can't wait to turn 65!
That the best numbers fall into the unskilled categories, which tells me the jobs being created are not quality jobs. It also tells me that if you crank in the "underemployed" numbers, the story it would tell would be devastating.
RE: As a 60 year old, Im making more than ever. Enjoying work more than ever. And my incentive to retire is?
Just curious, just exactly what do you do for a living? Maybe I’ll tell me school age kids to follow your footsteps...
Although I am employed/underemployed now, I can tell you that if you are over 50, unemployed for over six months, even with a graduate degree, getting back in the game is tough.
I can’t tell you how many times I was perfectly qualified for a job, and was told the employer did not want anyone unemployed for over six months, despite experience or education. Plus a few recruiters who did not work directly for the corporation basically alluded the if you were over 50+, forget it.
I think the stats reflect that older crowd is staying put, once they find a gig.
I’m 58 and in IT. Getting work is easy if I contract. It is more difficult if I want to become an employee. That’s ok since the former pays more.
The reason for the difficulty is that companies want experienced people that are not too old. We are out of the “job for life” realm, but if you are over 55 they may get concerned about health care hits, training you in their specifics only to have you die or get too ill to work, etc. But with contracting, the more experience the better. An older guy can come in and do the work, mentor, and everything else until the contract, his health or his life ends, whichever comes first.
I fall into that group. So wish my son could find a better paying job.
This is why we need to kill all the old people with health care rationing.
Retiring early would be suicidal right now.
Gender discrimination is real. Women are the preferred protected class of US citizen today. At least it seems to be here in SE Michigan. Actually, it’s gender and age discrimination. More and more younger women have made careers of recruiting and hiring more and more younger women to work in Human Resources as recruiters, account managers and those women hire more women to work in as many other industries as they can. It’s a concerted effort to increase their numbers in the total workforce. This is typical of an era of unchecked liberalism. It happened during the Clinton years and its’ happening again right now.
I have also seen grey haired people who looked like they belonged in an office setting in fast food places and at food store check-outs.
What jumps out to me is why are we bringing in so many legal immigrants every year, i.e., 1.2 million? The decade ending 2010 was the highest in our history, yet there was a net loss of jobs during that same period. 25% of the legal adult immigrants who enter the US each year lack even a high school degree. We are importing poverty,
In fact, we are bringing in 125,000 legal foreign workers a month when you count those coming in on temporary work visas and permanent immigrants.
And the sad truth is that immigrants, legal and illegal, are using welfare programs to a much greater degree than native born Americans. Milton Friedman said that, You cannot simultaneously have free immigration and a welfare state. We have both.
I'd argue that newly minted graduates don't yet have “skills”, they have knowledge.
Great post! Thanks!
Your educational resume is similar to mine. I retired, ran into some budget challenges. Found a job (no talk in the interview about my being “overqualified” for the job) in a short period of time...started at ~$18,000 per year and after 3 years was up to ~$25,000. Was I happy with the pay rate? No. Was I happy to have a job that got me over the hump? Yes. Was I happy to work for people who respected me and my integrity with no BS even when dealing with the boss’s relatives? Yes. Was I happy to find support for difficult decisions from my supervisors? Yes. Was I happy when I had to resign due to wife’s difficult health that they said, “If you ever need a job, just call us...if we don’t have an opening, we will make one?” No to the first part, yes to the last part.
Maybe not so much. You at least probably have the advantage of having recieved an education.
[in before the spelling police] the education I received and $5 will buy a cup of coffee at Starbucks. Perhaps I can get a job there as a barista.
Last I heard, there were jobs going unfilled because employers couldn't find people able to comprehend written directions.
Between women taking over HR and SOX mandating that HR pretty much control the whole process, yes, it is becoming a woman’s world.
I have seen some real lulus take place in the last few years. I’ve also seen some amazing elevations of some very unremarkable people. The ones that slay me are the cases where people with less than 5 years experience are sent off on expat assignments. The rule used to be that you don’t go expat until you have gained relevant experience for about 15 years.
I wish him luck. Fortunately my daughter found a job that supports her independent living, otherwise she was considering moving in with us.
I was laid off two years ago thanks to Hope and Change. I am 52 now. I refuse to keep supporting the socialist direction we are speeding in. Our farm is paid for and my wife still has a good job. I pick up odd jobs off the books to pay for gas and beer.
Until we start linking immigration to national employment policy and the importation of skills we need to be competitive in the global economy, legal immigration will continue to be a drag on our economy and have electoral consequences that will eventually result in the destruction of the country.
There’s a lot of mutual back-scratching going on between women nowadays...in the boardroom AND in the bedroom!
Workers 55 and older have something most young workers don’t: Experience and work ethic.
Times are tough and employers don’t want to burden themselves with the costs of training inexperienced workers. They hire the best ones with experience they can and that is the over 55 crowd.
It is the same here in the Carolinas and GA.
It is the same here in the Carolinas and GA.
This is what I would tell anybody graduating from college....You must begin to prepare now to work for yourself by the age of 40. That means saving money, gaining relevant experience, and networking up the wazoo from Day One. By the time you reach 40, you should be ready financially and experience-wise to make the leap.
Carolina and Georgia, eh? The South shall not rise again. Instead, it will sit in a bubble bath surrounded by candles and Potpouri.