Those with a college degree and White workers are less likely to be employed despite being less impacted by the initial phase of the pandemic. Image: yongtick/Shutterstock.com
By: FEDweek StaffJob prospects for workers age 55 and above—whether continued employment or for encore careers after leaving a long-time career—have recovered since the pandemic overall, although there are some differences by demographic groups, says a study.
“When the economy shut down in April 2020, the employment of older workers dropped dramatically. This decline sparked concern from policymakers that many older workers would be forced into early retirement,” said the study from the Center for Retirement Research at Boston College.
“This fear was aggravated by the fact that the impact of recessions can often be long-lasting,” it said, noting that many older workers found themselves discouraged in their job prospects for many years after the “Great Recession” of 2007-2009.
However, it said the pandemic “was a different sort of economic shock” and “the labor market has evolved since the pandemic for all older workers,” with increases in opportunities especially in fields such as leisure and hospitality and trade and transportation.
It noted that some other studies have concluded that job prospects for older workers have not recovered, but said those studies may have not taken into account that the average age of the population cadre of 55 and over has increased by a year and a half over the last decade. “As people age, they are less likely to work, all else equal. So, failure to account for this aging could make it appear that employment has dropped due to the pandemic when the story is really a simple aging of the population,” it said.
Taking that into account, the actual employment rate for people in that cadre returned to what would be statistically predicted in 2022—after dropping far below in 2020 and 2021—and actually is now slightly above that prediction, it said.
It added: “What may be somewhat unexpected is that the groups most negatively affected by the initial stages of the pandemic have seen their employment recover and then some. Indeed, Black and Hispanic individuals are significantly more likely to work relative to the predictions. On the other hand, those with a college degree and White workers are less likely to be employed despite being less impacted by the initial phase of the pandemic.”
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