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Multigenerational Unemployment and the Economic Crisis—Fact Sheet

compiled by Betty Cohen

October 2009—Has the economic downturn affected older workers to a greater extent than other age groups? How successful have older workers been in re-entering the workforce after losing a job in this time? According to a new fact sheet from the Sloan Center on Aging & Work, The Current Economic Crisis and Unemployment in the Multi-Generational Workforce, during the current economic crisis, older workers have experienced rates of unemployment that are lower than those of other age groups. Those hardest hit by the economic crisis are the less experienced – those aged 16-34. However, re-employment among the younger age groups is considerably higher than among the older age cohorts. Among workers aged 20-24, the re-employment rate in 2008 were 68%; for those ages 65+, the rate was 18%. This raises issues for older workers about the opportunites in place following unemployment in the current economy.

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