Unemployed People Over 55 Can Expect Longer Job Hunt

By Victor Hatley on April 21, 2010, 1:42 pm

During the good times and the bad times in the economy the rate of long term unemployed people has steadily increased in spite of concentrated efforts to bring it down. At present the long term unemployment levels are at their highest since the government started recording it at the end of WWII.

What Is “Long-Term” Unemployment

There are presently 14 million unemployed people in the U.S., and 44% of these have been out of work for more than 6 months. This is a record over the previous high of  24%. There are several theories as to why these individuals are having such problems, but little is being done to solve the problem.

One Theory: Age As A Factor

One factor is that the longer you are looking for a job the less likely you will be to be hired, but aside from this is the fact that most long term unemployed workers are older. The statistics show that workers over the age of 55 are 17% more likely to remain unemployed longer than their counterparts. Being of an advanced age will make the person more selective and less likely to accept an entry level position. Also employers are reluctant to hire people they may think of as overqualified.

Another Theory: Housing Market

Before the real estate market crashed people could relocate much more easily than now. People can’t sell their homes to relocate due to owing more than the house is worth. There are cases of people being unemployed because to relocate and sell their homes would be financially devastating. People who never had the attitude that “the economy is bad, job hunting will be too” have been having upside down mortgage issues that prevent them from relocating.

 

On the low side of all of this is that economists and analysts aren’t seeing any end in sight, but then the long-term unemployment rate has been going steadily up for years, we should be used to this by now.

Related posts:

1. Unemployment Extension: Gov. Teaching Americans To Stay Unemployed
2. Unemployment Extension: Some Americans Being Left Out
3. COBRA Extension Excluded In Unemployment Leaves 2M More Uninsured
4. Unemployment: Nearly One-Third Of March Jobs From Temp Census Workers
5. Credit Card Reform Act: What The Unemployed Need To Know Now

One Response to “Unemployed People Over 55 Can Expect Longer Job Hunt”

1. TimOregon says:

   April 26, 2010 at 11:06 am

   Let get Tier 5 going for this group. I have family members in this group. I am just laid off and see so many people in need of Tier 5. Congress get off your butts and address the jobs market and the unemployment rate. You guys are getting a big F in my book.

   Talk about “To big to Fail”

   http://www.change.org/petitions/view/the_99ers_need_a_tier_v_added_to_unemployment_benefits