Unemployment rates for workers over age 55 increased from 3.1 percent in December 2007 to 7.6 percent in February 2010, before decreasing to 6 percent in April 2012, according to the U.S. Government Accountability Office.
Older workers have fared better than younger workers since the recession because many have tenure at their jobs and are less likely to be laid off than their younger counterparts.
"While it is crucial that the nation help people of all ages return to work, long-term unemployment has particularly serious implications for older workers (age 55 and over). Job loss for older workers threatens not only their immediate financial security, but also their ability to support themselves during retirement," said Charles A. Jeszeck, director of education, workforce and income security for the GAO in testimony before the U.S. Senate Special Committee on Aging on May 15.
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