Thursday, July 30, 2009

Older white males hurt more by this recession - USATODAY.com

Older white males hurt more by this recession - USATODAY.com: "In previous recessions, veteran workers were largely spared the pain of widespread job cutbacks, according to Bureau of Labor Statistics data. Layoffs tended to be concentrated among younger workers: The younger you were, the more likely you were to get fired. Traditional, bread-winning older males — especially white men — were the least vulnerable.

Not so today. Aging Baby Boomers are suffering a harsh employment bust.

'I never dreamed it would be so hard to put my skills back to work,' says Jackson, who was assistant chief pilot at Skybus, a discount airline that went out of business.

Jobless rates for men and women older than 55 are at their highest level since the Great Depression, government data show. White men over 55 had a record 6.5% unemployment rate in the second quarter, far above the previous post-Depression high of 5.4% in 1983. The jobless rate for older black men was higher — 10.5% — but more than a percentage point below its 1983 peak."

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