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Tuesday, August 18, 2009

Older White Males Most Unemployed During Recession

"Jobless rates for men and women older than 55 are at their highest level since the Great Depression, government data show. White men over 55 had a record 6.5% unemployment rate in the second quarter, far above the previous post-Depression high of 5.4% in 1983. The jobless rate for older black men was higher — 10.5% — but more than a percentage point below its 1983 peak. The most remarkable change is in the unemployment rate for black women: 12.2%, far below the historic peak of 20% in 1983. Hispanic unemployment is about 6 percentage points below historic highs, too. In other words, this recession has shrunk the racial gap in unemployment, largely because white men are doing so much worse than usual."

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