The U.S. jobless rate just seems to get bleaker and bleaker, but dig a little deeper and you may find a few trends that add up to good news for older workers.
In October, the Bureau of Labor Statistics (BLS) announced the jobless rate had increased to 10.2 percent, but it turns out joblessness is not equal for all age groups. In fact, workers from the baby boom generation and above are the only age group whose job prospects improved during the past few months. And that's not the only good news.
For people over 45, the jobless rate was 6.8 percent in October, down from 7.3 percent in July. Compare that to 25- to 34-year-old workers, who jobless rate rose from 10 percent in July to 10.8 percent in October. Workers in the 35-to-44 age range saw joblessness rise to 8.5 percent in October, up from 7.9 percent in July.
The other good news for older workers--and for all other workers--is the recent growth in temporary jobs. When BLS Commissioner Keith Hall announced the October jobless figures, he also noted that only two employment sectors had grown. One was health care with 29,000 new jobs in October; the other was temporary workers with 34,000 new jobs.
Historically, the growth of temporary jobs has been a significant sign of employment recovery during a recession--typically preceding the growth of permanent jobs by about six months. The recent growth of temporary jobs started in late July and has been accelerating ever since.
Another reason things may be improving for boomer-age workers while they continue to get worse for people in other age groups is that boomers aren't giving up. According to the BLS, while the unemployment rate for baby boomers has doubled since the recession started in December 2007, the labor participation rate for people 45 to 65 years old--the number of people in that age group who are either working or actively seeking work--hasn't changed at all. The labor participation rate for every other age group has declined during the recession.
So if you're 45 or older and looking for a job, keep at it. Things are looking up. Tomorrow could be the day you hear those welcome words: "You're hired."
Thanks for the nice article. As an older worker, that’s very encouraging news. Any idea what industries are best? How about worst?