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Older Workers Are See The Biggest Benefits In Improvements In Job Market
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Older Workers Are See the Biggest Benefits In Improvements In Job Market

The job market is slowly improving according to reports but the age group that is seeing the biggest benefits is the over fifty five group. According to the Bureau of Labor Statistics, nearly have of all people who are over age fifty five currently have a job, whether they just changed jobs or have returned to work after a lengthy unemployment period. The age group makes up over thirty million workers in the US. New job opportunities for the twenty five to thirty four year old age group did not see nearly as much growth, with many of them finding jobs but facing smaller paychecks than they would have previously received.

More than 2.51 million people were employed in February 2012, well over the number of people who were employed in February 2011.The unemployment rate for people over fifty five years or older is nearly six percent making it the lowest of any other age group. Experts say that there are several reasons for this increased number and not all of them are as positive as they might seem on the surface. For instance, older workers are coming back to work because they are running out of retirement options. They are also remaining on the job beyond their retirement years because they simply cannot afford to retire like previous generations would have.

Once older workers do lose their jobs, they tend to take longer to find new employment especially if they do not have advanced or additional degrees and training. When faced with competition in certain job markets, the older worker will tend to lose out, especially in areas with a high concentration of college or university level, younger workers. Older workers are often looked at as potential drains on an employer's health care coverage which also plays a role in keeping them from being employed quickly.

Younger workers are also making some improvements , with unemployment down to 8.7% in February, down from 9% the month before. Employment for people in the 25-34 year old age category now stands at nearly seventy five percent. That age group is the most likely to influence a full economic recovery according to business and financial experts because they are the ones most likely to make major purchases once they are working at a steady pace. They are also the group most likely to start spending discretionary funds once again which will also help the economy.

Street Talk

This article is interesting. I find this to be encouraging because I am in my 50's. However, I like working from home and doing volunteer work. I like having flexible hours, and I enjoy encouraging people to improve their lives.

  about 1 decade ago
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