Minority Seniors Face Record High Unemployment
WASHINGTON -- Millions of older adults who need to work in order to make ends meet continue to be frustrated by high rates of unemployment. Joblessness among seniors aged 65 and older has nearly doubled since the recession began in December 2007. At 6.2%, senior unemployment still hovers close to its historic high, according to figures from the U.S. Bureau of Labor Statistics (not seasonally adjusted).
Although economic pressure from the recession is causing more seniors to re-enter or staying longer in the workforce, those who lose a job tend to face longer periods of unemployment than younger workers do. Long stretches without paid work also force many older adults to spend down their savings when they would like to be adding to them. This undermines their long-term financial stability and security, especially if they become too ill or disabled to work, and underscores the fact that they have less time than younger people to catch up on lost wages and savings. For low-income older workers, who can least afford it, the job search tends to be even longer and more challenging. "Whether they've been laid off, had a family emergency, or simply can't survive on their retirement income, many older people desperately need to find a job or return to work," said Sandra Nathan, senior vice president of economic security for the National Council on Aging (NCOA). "It is essential that we support these seniors with job training and help them prepare to hold their own in today's competitive job market," she added. Solutions from NCOA NCOA offers a variety of programs to help older adults find work and connect with services that help them build financial stability and security for themselves and their families. About NCOA The National Council on Aging is a non-profit service and advocacy organization headquartered in Washington, DC. NCOA is a national voice for older Americans - especially those who are vulnerable and disadvantaged - and the community organizations that serve them. It brings together non-profit organizations, businesses and government to develop creative solutions that improve the lives of all older adults. NCOA works with thousands of organizations across the country to help seniors find jobs and benefits, improve their health, live independently, and remain active in their communities.
The jobs outlook is even worse for adults age 55 and over, for whom unemployment has more than doubled in the same period, to 7.2%. Of this age group, African Americans and Hispanics have been disproportionally affected. Hispanic men are the worst off with an unemployment rate of almost 13% for individuals aged 55 and older.
