For the first time in nearly 50 years, older workers are facing higher unemployment than midcareer workers, according to a study released Tuesday from the New School.
The pandemic has wrecked havoc on employment for people of all ages. But researchers found that workers 55 and older lost jobs sooner, were rehired slower and continue to face higher job losses than their counterparts ages 35 to 54.
It is the first time since 1973 that such an unemployment gap has persisted for six months or longer. In every recession since the 1970s, older workers had persistently lower unemployment rates than mid-career workers, partly because of the benefits of seniority.