Unemployment for older workers soars 331% in a decade, says AARP
The new millennium has been rough on older workers, who have seen a whopping 331% increase in unemployment over the last decade, according to the AARP.
The number of unemployed workers older than 55 shot up to 2.1 million in December from 490,000 in January 2000, according to an analysis of data from the government Bureau of Labor Statistics by the nonprofit's Public Policy Institute.
Unemployment among workers older than 65 jumped 235%, to 479,000 from 143,000.
For the unemployed over age 55, the average jobless period has expanded 85.6% to 34.7 weeks from 18.7 weeks. The period has stretched 32.7% for job hunters over age 65, who are now unemployed an average of 32.9 weeks compared to 24.8 weeks in 2000.
Many graying workers, AARP said, are now attempting to postpone or come out of retirement.
-- Tiffany Hsu