Unemployment Rate Soars for Older Men with Limited Education

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Abstract

As the recession enters its 15th month, job losses continue to accelerate. The downturn has not spared older workers. The January 2009 unemployment rate reached 6.0 percent at age 55 to 64 and 5.7 percent at age 65 and older. Hispanic men, older men working in construction and manufacturing, and those with limited education have been hit hardest.

Introduction

As the recession enters its 15th month, job losses continue to accelerate. The overall unemployment rate increased to 7.6 percent in January 2009, a 16-year high (Bureau of Labor Statistics 2009a). Rising unemployment is affecting workers in all age groups. Although adults age 55 and older are less likely to be unemployed than younger workers, their unemployment rate surged to 5.9 percent last month, the highest level since 1983.1 Older men working in construction and manufacturing, those with limited education, and Hispanic men have been hit hardest.

Unemployment Rates Continue to Grow at Older Ages

• Last month 1.7 million adults age 55 and older were unemployed, more than twice as many as in November 2007, just before the recession began (Bureau of Labor Statistics 2009b). About 1.3 million adults age 55 to 64 and 373,000 adults age 65 and older were unemployed.2
• The unemployment rate for adults age 55 to 64 increased to 6.0 percent in January 2009 (figure 1), the highest rate since April 1983. Last month the unemployment rate was 6.4 percent for men and 5.5 percent for women.
• At age 65 and older, the January 2009 unemployment rate reached 5.7 percent, a 31-year high. The unemployment rate was higher for men than women.

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