Practice looking for work now -- even if you don't apply anywhere.
If you’re over 50, employed and getting a little jittery about the safety of your job due to the cooling economy, that’s understandable. Although the unemployment rate is still just 3.7% — near its 50-year low — monthly job growth has slowed to 158,000, compared with 223,000 a month a year ago. And the 130,000 jobs created in August failed to meet economists’ expectations.
What happened to older workers in the last recession? Here’s why this matters so much to older workers: In the last recession, it took much longer for unemployed people over 50 to get hired, on average, than for younger people without jobs. What’s more, the older ones were also more likely to become part of the long-term unemployed — out of work for six months or longer.
With good reason. A forthcoming article in Generations: Journal of the American Society on Aging will note that long-term unemployment has remained at heightened levels. More than one in four job seekers ages 55 and older had been unemployed for more than six months in March 2019, it says; for those 54 and younger, one in five were.“The labor market is brutal for older workers,” says Carl E. Van Horn, director of the John J.
Job-protection advice for older workers So what should you consider doing now to help protect yourself and your job when the recession arrives? “We have concluded that it can be replicated,” says Van Horn. “It is cost-effective. It supplements what is out there now.”
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