Tuesday, February 21, 2012

Pew: Unemployment Rate Difference Between Young and All Adults Widest in Recorded History

The Pew Research Center reports that the current difference in unemployment rate for the young and all working adults is the highest recorded.
"The unemployment rate at the end of 2011 was 16.3% for 18- to 24-year- olds, compared with 8.8% for all adults ages 18 to 64. In the past three years, the gap in the unemployment rate between 18- to 24-year-olds and all working-age adults is the widest in recorded history."
Those over 65 have been hit the least by the recession.
"Middle-aged adults have not been immune from the hard economic times. If any group has weathered the storm more easily than others, it has been older adults—those ages 65 and older. Looking at the impact the recession has had on personal finances illustrates this point. In a 2004 Pew Research survey, roughly equal proportions of young, middle-aged and older adults rated their own personal financial situation 'excellent' or 'good.' When asked again at the end of 2011, the ratings of young and middle-aged adults had fallen dramatically, while the ratings for older adults were virtually unchanged."
This undoubtedly has a lot to do with the vast majority of those over 65 not being in the job market and thus not directly impacted by high unemployment. But wait until inflation catches up.

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