2020 Q3 Status Of Older Workers Report
*The 1.4 million older workers still unemployed since April does not include workers who were unemployed in April and have since left the labor force. Arrows reflect the change from the previous period’s data. Bureau of Labor Statistics (BLS) and SCEPA calculations based on Current Population Survery (CPS) data.
- Unemployment Gap Flips: Unemployment rates for workers 55 and older exceeded those of mid-career workers for the length of the pandemic — the first time since 1973 such an unemployment gap has persisted for six months or longer.
- Slower Recovery For Older Workers: Older workers lost jobs faster and returned to work slower than mid-career workers, creating an unemployment gap of 1.1 percentage points between older workers’ six-month average unemployment rate of 9.7% and mid-career workers’ rate of 8.6%.
- Inequality in Recovery: Older workers who are Black, female, or lack a college degree experienced higher rates of job loss and are more exposed to retirement risks.
- Policy Recommendations: High and persistent unemployment, compounded by the health risks of Covid-19, threatens the retirement security of older workers. Congress needs to increase and extend unemployment benefits for older workers, discourage withdrawals from 401(k)s and IRAs, lower Medicare eligibility to 50, and create a federal Older Workers Bureau.
Download the full report here.
