The New School Retirement Equity Lab reported in early August that 2.9 million workers aged 55 to 70 had left the labor market since March – meaning they had not yet worked or actively worked in hunting – and projected that another 1.1 million that by November could do. “They are leaving the workforce at twice the rate they were in the Great Recession” from 2007 to 2009, said Drs. Ghilarducci.
In July, more than 9 percent of workers over the age of 65 were unemployed, according to an analysis by Urban Institute data from Bureau of Labor Statistics. With a broader definition, including those part-time employees who avoid full-time positions and those who do not work for other reasons, the share rises to 16.5 percent – a sharp decline in the spring, but still a sober one number.
Unemployment rose even higher for older women, Black and Latino workers, and those without college degrees, Drs. Johnson. “In good and bad times, unemployment is always higher for people of color and people with lower education,” he said. Such differences “are even more pronounced during a recession.”
Researchers can not yet say what role health care has played in the relocation of older workers. Only about a third can work from home, said Dr. Ghilarducci, so fears of contracting the coronavirus in the workplace prevent some from returning to work. It is more likely, she said, that employers are quicker to re-employ younger people, who they think will cost less in health benefits and stay on the job longer.
Industries where older workers are hardest hit include construction, manufacturing, transportation and storage, education and other non-professional services, the Urban Institute found. In leisure and hospitality, more than a third of workers over 55 lost their jobs.
Among them is Becky Schaffner, 64, who has worked at the Omaha Marriott since the hotel opened 39 years ago, most recently as a sales assistant, earning $ 16 an hour. “I love my job,” she said. “Talk to people from everywhere. Take care of their needs. ”
Ms. Schaffner was fired in mid-March along with most of her staff, then fired in July. Now that the $ 600 federal supplement has ended, her weekly unemployment rate rises to $ 338, making it difficult to cover the mortgage on her home in Fremont, Neb.
