How is the job market affecting different generations of American workers?
A recent online article in The New York Times (July 29, 2013) continues the story of Baby Boomer Michael Blattman, 58 years old in 2009 and out of work for 18 months. Today, thanks to the Times article which led to a spot on an NBC special about Boomers facing hard times, he got a job offer from Merrill Lynch, then moved on to a full-time position with the University of Maryland, teaching business courses at a U.S. Army base in Germany.
What Mr. Blattman went through during the economic collapse was more extreme than the typical boomer who lost a job, but not that much more.
The unemployment rate is lower for people in their 50s and 60s than younger workers, but once they lose a job it takes them a lot longer to find one. And even with the improvement in the economy, there has been little change since the worst of the recession.
The average unemployed 55- to 64-year-old who got a job last month had been out of work for more than 11 months, versus 6 months for the average 20- to 24-year-old.