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For Middle-Aged Job Seekers, a Long Road Back
Keywords:
About 3.5 million Americans ages 45-64 were unemployed as of May 2012, 39% for 1 year or more. This is even higher than the unemployment among younger workers and is a new aspect of this recession compared to the ones before this. Some have quit looking for jobs after depending on extended unemployment benefits of upto 99 weeks, and some have taken part-time jobs. Statistics on unemployment from the U.S. Labor Department give a more distorted picture this time because the unemployment rate as defined by the Labor Department includes only people looking for work. More people today are discouraged and not looking for work, dropping out of the labor market entirely or in part-time jobs. So that the unemployment rate is much higher when these workers are accounted for.
The impact of unemployment in the U.S. on middle aged people- 2011-2013
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The employment to population ratio for U.S. unemployment- 2011-2014
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The serious problem of the large number of long term unemployed persons in the U.S., very different from under any previous recession.
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90 Million Americans Not Working
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The nature of unemployment in this U.S. downturn as men, young people and the less educated are the worst hit groups.
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In this US downturn men are hit harder than women with job losses in manufacturing and construction, the less educated hit hardest, and young people also hit hard.
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Benjamin Friedman on high unemployment, income gaps and higher inequality, and the consequences for the social fabric of America
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Figures from the Center of Labor Market Studies of Northeastern University in Boston showing unemployment of 9% in the $40,000 to $50,000 annual household income group and going up to 31% at the lowest income group. Higher inequality as differences in education between lower income and higher income Americans grows. The problem of the long term unemployed is a serious one.
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The Great Stagnation in American Education
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The job crisis for employment of men in the U.S.
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The participation rate in the job market for men between 16-64 is dropping over time. It was 85% in the 1950's and has dropped continually after each recession. It is now at 65%. More and more men simply drop out of the labor market after failing to find jobs, creating a disturbing trend for the country. This does not show up in improving unemployment statistics.
Grouped Articles
Job Growth Eases Fears About Effect of Closing
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Bayer: Pressure on Prices Has Bad Side Effects
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Why high unemployment and the high percentage of the long term unemployed is determining U.S. Federal Reserve interest rate policy in 2012-2014
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With 40% of the unemployed in the U.S. shown as long term unemployed, mismatch in skills and other structural problems with unemployment, the U.S. Federal Reserve policies of Fed chairman Bernanke are geared to addressing this problem.
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FX HORIZONS: The Fed’s Risky Codependency with Markets
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Bernanke Plays Down Link Between Jobless Rate, Fed Moves
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Economy May Be Getting Its Wings Clipped
Wall Street Journal 07/30/2013
Middle aged Americans and the unemployment rate
05/05/2012
About 3.5 million Americans between the ages of 45-64 unemployed as of May 2012, unemployment being higher for middle aged Americans than younger people.
Linked Articles
For Middle-Aged Job Seekers, a Long Road Back
Wall Street Journal 06/23/2012
The incredible shrinking labor force - The Washington Post
Washington Post 05/05/2012
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