7 ms·

"White men over 55 had a record 6.5% unemployment rate in the second quarter." The overall unemployment rate stands at 9.5% today and averaged 9.3% in the seco

• omouse 17y ago
  You're double-counting. Those overall rates include white men over 55.
  • sokoloff 17y ago
    They're in the numerator (those unemployed) AND in the denominator (all white men over 55 in the labor force), so that's not really double counting.
• netsp 17y ago
  I suppose this is related to previous unemployment level. So they are worse off relatively to usual. It's also a question of what unemployment does to you financially or psychologically. At 55, the damage from 6 months off the books could be a lot worse then 25 or 35. They are more likely to be inflexible in their spending. They are more likely to be frantically saving for retirement. They are also more likely to get demoralised. You can go from "I have 30 years experience. You can't buy that." to "No one wants to hire a middle aged employee" very quickly. They may have more of an emotional attachment to their work identity: a foreman, a manager. A 30 year old fired from a middle management job forced to temp as a receptionist is likely to be demoralised. A 55 year old in that position might be a lot worse off. I wouldn't be surprised if the older one turned down these positions or (more likely) never apply for them to a greater degree then younger people. Taking the opportunity to retrain in a new 'career' is also less likely.