Older White Men Take Big Hit From Recession

Uncertainty is the 'new normal' in America

(NEWSER) - For many Americans, "recovery" feels a lot like recession—and it may take a decade for that to change, finds the New York Times . At the current rate of job creation, for instance, it would take nine years to recapture jobs lost thus far. Home prices, meanwhile, are down 20% since 2005; even assuming 2% inflation, it would take 13 years for the market to reach pre-crisis levels. Everywhere, offices sit empty. More»

(NEWSER) - If you’re the glass-half-full type, recent economic indicators look good: Unemployment fell last month, the savings rate is up, and productivity hit a 6-year high. But that same data proves that ordinary people aren’t likely to feel the good vibrations anytime soon, the Washington Post reports. “It's going to be a recovery only a statistician can love,” said a Wells Fargo economist. More»

Economy shedding jobs at fastest rate in 50 years

(NEWSER) - The February job numbers released today bring the country close to the employment nadir it reached in 1982, David Leonhardt writes for the New York Times. The 651,000 lost jobs, along with 161,000 added in revisions to previous months, still bring a depressing milestone: Since the start of 2008, the US has shed jobs at a faster rate than at any other time in the past 50 years. More»

(NEWSER) - The recession is hitting elderly workers much harder than in the past, thanks to an increase in the number of older workers—especially those over 75—and a severe shortage of jobs, the Wall Street Journal reports. In past recessions, these workers just retired; now, they're scrambling to find a way to pay their medical bills and mortgages. "Who is going to hire an 81-year-old man?" asked one unemployed bartender. More»

626,000 claims filed last week, far more than expected

(AP) - New jobless claims jumped far more than expected last week in an already dismal labor market, and there's no relief in sight for workers as mass layoffs persist. The Labor Department reports that the number of laid-off workers seeking jobless benefits rose last week to 626,000 from the previous week's 591,000. The latest total exceeds expectations by 43,000. More»