Over 55's in U.S. win jobs race

[Dover]

Over 55's in U.S. win jobs race

NYT - Tuesday, September 9, 2003

Only group thriving is older employees

Without fanfare, older workers - the ones seemingly left behind by the dot-com boom - are turning out to be the only group thriving in the jobless recovery in the United States.

Even as younger workers have lost ground, a higher percentage of those age 55 to 64 hold jobs today than when the economy plunged into hard times in early 2001. Their success has shifted the composition of the work force: Older people now account for 12 percent of workers in the United States, up from 10.2 percent in 2000. That was the year when the dot-com boom, so favorable to the young, began to collapse.

As if to rub in the point, the raises given in America today go disproportionately to those likely to be in their last working decade before retirement.

These older workers, particularly women, are enjoying an unusual late-in-life success as survivors of the disintegrating job security that began to spread through the work force early in their careers, undermining pensions and lifetime employment. Layoffs and retirement reduced their ranks in the recession of the early 1990's and its aftermath, but not this time...>> MORE

http://www.iht.com/articles/109280.html

[FloridaPat]

1. This is sure crap. I know a ton of programmers in that age

group - myself included - who have been out of work for months and years. We are watching everything we've work for go down the republican drain. These workers are ending up working at Walmart. Go take a look.

[Lorien]

5. Agreed

I have several friends in their 50s who have been looking for a job for a year or more-many laid off just short of qualifing for their pensions.

Why are more working in that age group? They are working minimum wage jobs because they can't afford early retirement, that's why!

[proud patriot]

7. My Dad is one of them

14 months out of work , 38 years experience .

He has been told by prospective employers that he has
too much experience ...

[cprise]

8. IT is the exception

All I have to do is look around me to see that.

[InkAddict]

2. Bull-hooey

eom

[papau]

3. Crap - early retires with Pension bust are going back to work at min wage

greets at Home Depot and Wal Mart.

And this is good?

So pensions that go bust as stocks and other investments tank are a positive as it motivates the older crowd to keep working?

"a higher percentage of those age 55 to 64 hold jobs today than when the economy plunged into hard times in early 2001" says nothing about income - but that is too complicate for the US financial media to understand - so yet another GOP spin by the media whores.

[brook]

4. Pure crap!

Since finding myself disenfranchised at age 60 ("too old") - I've had lots of jobs. Lousey jobs. No medical, etc.- minimum wage and limited to 20-30 hours a week. Media makes me crazy with their disinformation. I've seen them reporting on the lowering gas prices a dozen times this week. In every instance they say prices had reached an all time high of $1.75. So why was I paying $2.17? Whores!

[Palacsinta]

6. HARDY HAR HAR!

The only reason my 60 year-old husband has an OK job is because we have our own teeny-tiny little business. We've had to fund our own retirement, pay for own health insurance etc which contrary-wise puts us in a tad better shape than friends his age who are in danger of losing their jobs....if they haven't already....., insurance, pension, the WORKS!!

[Logansquare]

9. Fascinating spin on the data

Did not alternative interpretations occur to Mr. Uchetelle--such as pensions and benefits are not enough to cover living expenses for our elders?

This phrase: "As if to rub in the point, the raises given in America today go disproportionately to those likely to be in their last working decade before retirement"

Would not the baby boom account for a large proportion of pre-retirement people to be present in the workforce, and thus account for the larger percentage of raises? Also, would not employers be disenclined to hire large numbers of new workers until the baby boom generation retires, which as I implied earlier, they are now avoiding due to financial concerns?

Meta-message: these young folks just don't have any get up and go!