Jobless Boomers often don’t count in Fed Statistics

Jobless Boomers often don’t count in Fed Statistics

I’ve been looking for new employment for over 3 years now.  I’m 56,  have a substantial, success filled resume and have kept my skills current, however, I don’t get Interviews.  My applications have always been highly targeted, perfect fits for my experience and skills.  No matter how many want to deny it, their is unprecedented age discrimination in todays tight job market.  The problem is under appreciated. Boomers like me, longterm unemployed, partially self-employed, under-employed just don’t show up in the Statistics.

In Bloomberg, Victoria Stilwell writes:

Constantine Kortesis says he can sense the odds of finding work at his age are against him.

“I’ve gotten to the point where I know it’s just a waste of time” to apply for jobs, said Kortesis, 61. “Once you get past 50 years old, nobody really wants to talk to you.”

The former senior engineering project manager at Electronic Data Systems Corp. near Detroit, says he was let go more than five years ago in a round of mass firings after the company was acquired by Hewlett-Packard Co. (HPQ) The certified manufacturing engineer is looking for steady employment that’s yet to materialize, and now he’s counting the days until he can apply for Social Security.

Since 1980, just 20 percent of 55-to-59 year-olds who leave the workforce during economic slumps or in early stages of recoveries are employed again within four years, according to a study by Federal Reserve Bank of Boston economists Daniel Cooper and Maria Jose Luengo-Prado published last month.

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Re-entry improves the younger the worker, with the share climbing to 41 percent of 45-to-54 year-olds and 78 percent of 25-to-44 year-olds, according to their research.

Kortesis personifies the gray area between the so-called cyclical component of the drop in workforce participation during this economic expansion, which can be influenced by the strength of the recovery, and irreversible structural elements such as an aging population.   Read the Balance of this interesting analysis. 

I’m not ready to give up.  I’m in the Architecture, Design and Construction Industry and I do believe that if there was a real, robust economic recovery that things would be different.  Robust and rapid growth would require re-engaging experienced, highly skilled individuals despite their “over 50″ status.  Meanwhile I’ll pursue an entrepreneurial path with our our Healthy Home Business.

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