Labor & Economic News Blog

Tuesday, March 03, 2009

Unemployment Rate Hits All-Time High for Adults Age 65 and Older

Unemployment Rate Hits All-Time High for Adults Age 65 and Older
The unemployment rate for adults age 65 and older reached 6.8 percent in February 2009, the highest level recorded since the federal government began computing reliable unemployment rates in 1948. About 433,000 adults age 65 and older were out of work and actively seeking employment last month, more than twice as many as in November 2007, just before the recession began. Another 1.3 million adults age 55 to 64 were unemployed in February, although the unemployment rate edged down last month for women age 55 to 64. Senior unemployment rates were particularly high among African Americans, Hispanics, those who did not complete high school, and those in the construction, manufacturing, and leisure and hospitality industries.

 



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