The Great Recession has been especially hard on older workers.
Pew’s new report on long-term unemployment is sobering stuff:
Thirty percent of those who are jobless have been unemployed a year or more (long-term unemployment) as of December 2010. Equaling 4.2 million people — roughly the population of Kentucky — this is 25 percent more people affected by long-term unemployment than a year prior (December 2009, 3.4 million)….Using the CPS data, Pew calculated that the persistent problem of long-term unemployment is occurring across education and age groups but those who are older than 55 are most likely to remain jobless for a year or more. Additionally, a high level of education only provides limited protection against long-term unemployment — the rates are similar across degree attainment: 31 percent of unemployed workers with a bachelor’s degree have been out of work for a year or more, compared to 36 percent of high school graduates and 33 percent of high school drop-outs.
Read the report here