NYC Labor Market Challenges Facing Older Workers

September 22, 2011. FPI’s James A. Parrott delivered testimony before the New York City Council Committee on Aging detailing the following points: Unemployment for older workers has continued to increase during the past year and a half, despite the recovery. And many older workers who are still employed have seen their hours, and their weekly pay, reduced. For New York City workers ages 55-64, both unemployment and under-employment are sharply higher now than before the recession began, and higher than at the “trough” of the recession: unemployment rose from 6.0 percent at the end of 2009 to 6.4 percent for the first half of 2011, underemployment rose from 10.3 percent to 12.5 percent, and the employment rate declined from 60.1 to 58.7 percent. For workers 65 and over, unemployment rose from a very low 2.8 percent to 4.1 percent, and the employment rate fell by a percentage point.

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