33 Out of a Job and Out of Luck at 54 Too young to retire, too old...

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33 Out of a Job and Out of Luck at 54 Too young to retire, too old to get a new job. That’s how many older workers feel after getting the sack and spending time on the unemployment line. Many lack the skills to craft resumes and search online, experts say. Older workers took an average of 21.1 weeks to get a new job in 2007, about 5 weeks longer than younger people. ‘Older workers will be more adversely affected because of the time it takes to transition into another job’, said Deborah Russell, AARP’s director of workforce issues.

Source: CNN, 21 May 2008 a What type of unemployment might older workers be more prone to experience?

b Explain how the unemployment rate of older workers is influenced by the business cycle.

c Why might older unemployed workers become discouraged workers during a recession?

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Economics

ISBN: 9781118150122

10th European Edition

Authors: Michael Parkin, Dr Melanie Powell, Prof Kent Matthews

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