In the Last Decade, Unemployment Rate for Older Workers Increased by 331%

No, that number isn’t a typo. The AARP Public Policy Institute recently conducted analysis on the growing rate of unemployment for workers older than 55, and found that in the last 10 years, the unemployment rate has skyrocketed by a massive 331%.
The analysis came from data out of the Bureau of Labor Statistics from January 2000 to December 2009. Here are a few numbers from the data:
– The increase in unemployment for 65+ workers was 235%
– The number of unemployed workers aged 55+ increased from 490,000 to 2,114,000
– The number of unemployed workers age 65+ increased from 143,000 to 479,000
Nancy A. LeaMond, AARP Executive Vice President made a statement:
“The last decade has spelled disaster for millions of older workers who have lost their jobs, seen their retirement savings diminish, and had their health care costs continue to skyrocket. The recession has only made this bad situation worse, as the statistics show clearly that older workers who lose their jobs stay unemployed longer than other groups.”
Read more information about these alarming findings.