Economy takes toll on older workers

From the Detroit News online:

The Great Recession of 2007-09 didn't spare anyone, but no group is more vulnerable to the downturn's lingering effects than older workers who've lost their jobs.

They have fewer years than younger people to shore up tattered savings plans, and they're finding it much harder to land new jobs.

Nationwide, more than a third of job-seekers 55 and older have been out of work for more than a year. The majority have been out of work for six months or longer, according to the U.S. GAO....

According to the GAO, the proportion of older U.S. job-seekers out of work for six months or longer has more than doubled, to 55 percent in five years. In the U.S. manufacturing sector, 63 percent of older unemployed people have been looking for work for 27 months or longer...

--------------------
Link: http://www.detroitnews.com/article/20120611/BIZ01/206110348/Economy-takes-toll-older-workers

(We highlighted similar stories on May 18 and May 30, links to the right.)