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The labor market has never been easy for older Americans, and now there is fresh evidence that the COVID-19 crisis is making it even worse.
A new report by the Retirement Equity Lab, part of the Schwartz Center for Economic Policy Analysis at New York City-based The New School, says that unemployment rates for workers 55 and older has topped those of mid-career workers for the entire length of the pandemic. It’s the first time since 1973 that such a gap has existed for six months or longer.
“This recession is a lot deeper than 2008,” notes labor economist Teresa Ghilarducci, director of the Schwartz Center, and “employers are not preserving the skills and experience that older workers have like they have in past downturns. It looks like they’re being let go first, and employers are shying away from re-hiring them.”