Job Blues for Gray-Haired Workers

Lower unemployment numbers are great news for everyone, except older workers, says CNNMoney.com. According to the most recent statistics from the Labor Department, while jobless claims are falling overall, the number of unemployed workers over 55 years old is holding steady.

What does that mean? Companies are hiring all right, but only younger workers. "All the gains we've seen from the peak last fall to now, they've gone to people less than 55 years old," said Heidi Shierholz, a labor economist for the Economic Policy Institute. Furthermore, some experts also believe that the unemployment rate for older workers is artificially low, as they tend to become more discouraged and stop looking for work. And unemployment only counts people who are actively seeking employment.

Overlooking older workers is bad news for employers too. According to Tim Driver, CEO of RetirementJobs.com, older workers bring incredible experience and a lifetime of skills to their jobs that younger workers just can’t duplicate. In addition, older workers tend to keep stay in jobs longer, reducing turnover costs for employers.

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