Labour markets: Glad to be grey

Posted: July 19, 2013 in economy
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UK Only Article: 
standard article

Issue: 

The curious case of the fall in crime

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Labour markets

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Older workers have fared unusually well since the financial crisis

THE recession of 2008-09 was remarkable in rich countries for its intensity, the subsequent recovery for its weakness. The labour market has also broken the rules, as new research from the OECD, a think-tank of mainly rich countries, shows in its annual Employment Outlook.
Young people always suffer in recessions. Employers stop hiring them; and they often get rid of new recruits because they are easier to sack. But in previous episodes, such as the recessions of the 1970s, 1980s and 1990s, older workers were also booted out. This time is different. During the financial crisis in 2008, and since, they have done better than other age groups.

The researchers focus on movements in “non-employment” as a share of the total population in three age groups between the final quarters of 2007 and 2012. This measure has the advantage of including not just unemployment, where people are looking …

via Economic Crisis http://www.economist.com/news/finance-and-economics/21581996-older-workers-have-fared-unusually-well-financial-crisis-glad-be-grey?fsrc=rss

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