Unemployment for Americans age 55 and older is lower than other age groups and falling, with prospects brightening for those seeking jobs as managers and professionals, according to a workplace trends survey.
The jobless rate for older workers shrank in the first quarter to 6.9 percent from 7.2 percent in the 2009 fourth quarter – the highest in six decades — reflecting their net gains in job growth, Chicago job outplacement advisor Challenger, Gray & Christmas says.
Still, it is taking longer for the most experienced job seekers to find work, Challenger Gray said, citing federal labor data. In March, unemployed workers age 55 and older had been out of work for an average of 35.5 weeks compared to 30.3 weeks for job seekers 25 to 54. Meanwhile, job seekers between ages 16 and 24 have been jobless for an average of 23.3 weeks.
“The latest employment figures suggest that it is both a blessing and a curse to be an older job seeker in America,” said CEO John A. Challenger. “There definitely are obstacles for more seasoned job seekers – some of which are institutional and some self-imposed – and the recession has clearly tightened the market for everyone, including senior job seeker.”
Not only is the unemployment rate for older Americans lower, they are the only age group that seems to be experiencing employment gains, Challenger said. Between March 2009 and March 2010, employment among those 55 to 64 grew 3 percent from 20,954,000 to 21,584,000. Americans 65 and over saw the number employed grow 2.3 percent from 6,055,000 to 6,192,000.
Older workers are eschewing low-paying service and retail jobs for positions in  management, professional and related occupations, the firm said.
According to BLS data, employment among workers 55 and older in service occupations, including healthcare support, food preparation, protective services and maintenance occupation, grew 2.7 percent to an annual average of 3.8 million in 2009 compared to 3.7 million in 2008.
Meanwhile, the number of older workers employed in sales and related occupations, which include retail salespeople, cashiers, sales representatives, etc., actually fell from 3,111,000 in 2008 to 3,053,000 in 2009.
By contrast, the number of workers 55 and older employed in management, professional and related occupations increased 5.0 percent from 10.9 million in 2008 to 11.4 million last year.
“While older job seekers do face difficulties securing positions, they continue to make gains,” Challenger said. “This is undoubtedly due to the fact that these seasoned veterans are valuable to employers who want people who can hit the ground running without much, if any training.”
