Monday, June 25, 2012

Middle-Aged Unemployment at 70-Year High

According to Ben Casselman (2012, June 22) of the Wall Street Journal:
Much of the attention during the prolonged US employment crisis has been on high rates of joblessness among young people. Less noticed, but no less significant to many economists, has been the plight of the middle-aged. More than 3.5 million Americans between the ages of 45 and 64 were unemployed as of May, 39% of them for a year or more—a rate of long-term unemployment that is unprecedented in modern US history, and far higher than among younger workers. Millions more have quit looking for work or... have taken part-time jobs to get by.
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Unemployment amongst Americans ages 45-64 remains near its highest rate in 70 years. The plight of middle-aged workers in the US is the most significant national tragedy of our time.

Source: Casselman, B (2012, June 22), For Middle-Aged Job Seekers, a Long Road Back, Wall Street Journal.

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