AARP PPI Employment Data Digest Jan 2019

Transcript

1 JANUARY 2019 Employment Data Digest employment numbers for AARP Public Policy Institute’s monthly look at people ages 55+ the latest calculating employment statistics. The Bureau of Labor Statistics revised the methodology for  Underlying survey data have been revised as part of the annual benchmarking process, updating of seasonal adjustment factors, and updated population estimates. For more information, see the summary . Employment Situation T he economy added 3 04 ,000 jobs in January , up from (revised down 222 December ,000 jobs added in  . to 4.0 percent . from +312,000) The unemployment rate increased from 3.9 percent The unemployment rate for people ages 55 and older increased from 2.9 percent in December to 3.2  percent in January. Among jobseekers ages 55 and older, 25.3 percent were long - term unemployed, jobseekers compared with 16.9 percent of ages 16 to 54. The total l abo r force participation rate was 63.2 percent , up slightly from December . F or people ages 55  and older it remained unchanged at 40. 3 percent . Total Payroll Employment January the economy added 304,000 jobs , up from 222 , In , jobs added in Dece mber (revised dow n 000 from + 312 ,000 ) . T he unemployment rate edged up to 4.0 percent . J ob s were added in leisure and hospital- ity , health care, and transportation and warehousing . The number of people ages 55+ em- construction, January declined to 36.8 million, down from 37 million in December . ployed in Labor Force Participation The labor force participation rate is the percentage of the population that is either employed or unem- ployed (i.e., either working or actively seeking work). The labor force participation rate for those ages 55+ was 40.3 percent in January, unchanged from December . of those Unlike t he labor force participation rate s he rate for ages 16 to 24 and 25 to 54 , which have declined since the beginning of , t the Great R ecession those ages 55 is higher than it was at that time . + TABLE 1 LABOR FORCE PARTICIPATION RATE BY AGE Dec 2007* Jan 2018 Oct 2018 Nov 2018 Dec 2018 Jan 2019 62.7 % 62.9 % 66.0% % 63.1 % 63.2 % 62.9 Total, 16 years and over 55.0 55.8 % 55.0 % 59.2% % 55.2 % 55.5 % 16 to 24 years % 83.1% 81.8 % 82.3 % 82.2 % 82.3 % 82.6 25 to 54 years % 38.9% 39.6 % 40.1 % 40.2 40.3 % 40.3 % 55 and over . S easonally adjusted Source: U.S. Department of Labor, Bureau of Labor Statistics. Labor force statistics from the Current Population Survey * B eginning of recession , which . officially ended in June 2009 . Employment Rate - to - population ratio) refers to the proportion of the The employment rate (sometimes called the employment civilian non - institutional population that is employed. A year - over - year comparison shows that the employ- . ment rate for individuals is slightly above pre - recession levels 25 to 54 T he rate for the 55 + age group ages has increased since the recession . In January t he employment rate for people ages 55 + was 39.1 percent . 1

2 JANUARY 2019 TABLE 2 EMPLOYMENT RATE Jan Jan Jan Jan Dec Jan Jan Jan Jan Jan 2012 2015 2007* 2011 2016 2013 2017 2018 2014 2019 % 79.7% 75.2 % 75.5 % 75.6 % 76.4 % 77.1 % 77.7 78.2 % 79.0 % 79.9 % 25 to 54 years % 37.2 % 37.7 % 38.3 % 38.0 % 38.4 % 38.6 % 38.6 % 38.4 % 39.1 37.7% 55 years and over . S * B eginning of recession , which officially ended in June 2009 . Source: U.S. Department of Labor, Bureau of Labor Statistics easonally adjusted. Unemployment Rate are individuals The unemployed 16 and older who were not employed during the survey reference ages week, but were available for work , and had made efforts to find employment sometime during the four - week period The unemployment rate is the number of people une mployed ending with the reference week. age The overall unemployment rate increased in January. T he unemploy- as a percent of the labor force. — increased from 2.9 percent in December to percent in January 3.2 3.3 per- ment rate for people ages 55+ men and 2. cent for percent for women . 9 TABLE 3 UNEMPLOYMENT RATE Jan 2018 Dec 2007* Oct 2018 Nov 2018 Dec 2018 Jan 2019 4.0% 5.0% 4.1 % 3.8% 3.7% 3.9% Total, 16 years and over 2.9% 3. 0 % 3.2% 2.9% 2.9% 3.2% Total, 55 years and over 3.3% 3.2% 3. 3 % 2.6% 2.9% 3.0% Men, 55 years and over 2.9% 3.3% 2.5 % 3.0% 2.8% 2.8% Women, 55 years and over Source: U.S. Department of Labor, Bureau of Labor Statistics. Current Population Survey data. S easonally adjusted. which officially ended in June *B eginning of re cession , . 2009 Duration of Unemployment The duration of unemployment refers to the length of time in weeks that individuals classified as unem- to the midpoint of ployed ha been looking for work. The median duration of unemployment refers ve , below duration is an equal number of observations . A s shown in of unemployment and above which there 4 , at ages 4 5 and over , average durations of unemployment are longer compared with younger age T able among the unemployed I January , the average time spent looking for work n was 23.7 weeks for groups. to 64 and 24.0 weeks for people ages 65 and over . people ages 55 TABLE 4 DURATION OF UNEMPLOYMENT TABLE 4 January 2019 UNEMPLOYMENT BY AGE (numbers in thousands) Weeks of unemployment Unemployed 15 weeks and over Less Average 5 to 14 Median Total than 5 (mean) 27 weeks 15 to 26 duration weeks Total duration weeks weeks and over Total, 16 years and 2,751 2,169 2,221 7,140 905 1,316 19.2 8.3 over 299 157 74 295 82 11.9 7.5 751 16 to 19 years 1,275 205 527 354 395 190 16.7 7.8 20 to 24 years 640 511 465 1,615 257 18.2 7.8 207 25 to 34 years 131 1,106 421 339 346 215 19.6 8.5 35 to 44 years 403 332 344 1,078 104 239 22.9 9 .0 45 to 54 years 887 301 235 351 10.5 122 229 23.7 55 to 64 years 8.5 .0 24 428 164 100 164 60 104 65 years and over Source: U.S. Department of Labor, Bureau of Labor Statistics. Not seasonally adjusted. 2

3 JANUARY 2019 TABLE 5 MEDIAN DURATION OF UNEMPLOYMENT BY AGE (WEEKS) Jan Jan Jan Jan Jan Jan Jan Jan Dec Jan 2007* 2015 2012 2016 2017 2013 2018 2011 2014 2019 8.6 21.1 20.2 16.1 15.2 12.9 11.0 9.9 9.1 8.4 20 years and over 10.8 26.8 35.5 22.0 21.2 16.1 13.9 14.6 11.9 10.5 55 to 64 years 7.4 16.8 31.8 30.3 16.2 16.3 10.0 12.6 8.9 8.5 65 years and over Source: U.S. Department of Labor, Bureau of Labor Statistics. Not seasonally adjusted. *Beginning of recession , which officially ended in June 2009 . TABLE 6 AVERAGE DURATION OF UNEMPLOYMENT BY AGE (WEEKS) Jan Jan Jan Jan Jan Jan Jan Jan Jan 2014 2012 2015 2011 2016 2013 2017 2019 2018 over 20 years and 39.8 35.3 35.0 32.1 36.9 29.0 25.0 23.6 20.1 55 to 64 years 44.2 44.0 43.7 36.2 56.9 34.0 28.4 23.7 43.0 65 years and over 44.4 53.5 36.4 37.4 41.6 49.3 39.6 29.6 24.0 Source: U.S. Department of Labor, Bureau of Labor Statistics. Not seasonally adjusted. FIGURE 1 - OVER - YEAR COMPARISON (WEEKS) AVERAGE DURATION OF UNEMPLOYMENT BY AGE: YEAR 60.0 50.0 40.0 30.0 20.0 10.0 0.0 Jan Jan Jan Jan Jan Jan Jan Jan Jan 2012 2013 2011 2014 2019 2015 2018 2016 2017 55 to 64 years 20 years and over 65 years and over Source: U.S. Department of Labor, Bureau of Labor Statistics. Not seasonally adjusted. 3

4 JANUARY 2019 Term Unemployment Long - - ong ed are individuals who have been looking for work for 27 weeks or more. Jobseek- The l term unemploy older are more likely to experience long - ers ages 55 and term unemployment compared with younger jobseekers In January 201 9 , 25.3 . percent of jobseekers ages 55 and older were long - te rm unemployed compared with 16.9 percent of jobseekers in the 16 to 54 age group. 7 TABLE - TERM UNEMPLOYMENT LONG 201 9 January Number unemployed 27 weeks and over Total unemployed ong Age (years) (thousands) L (thousands) - term unemployed (%) % 16.9 5,825 9 83 Ages 16 to 54 1, 315 % 25.3 3 33 Ages 55 and over Source: U.S. Department of Labor, Bureau of Labor Statistics. Not seasonally adjusted. Note: Because the long - term unemployed are a small subset of the overall CPS data population, please use caution when using data and expect fluctuations in estimates from month - to - month. © AARP PUBLIC POLICY INSTITUTE 601 E Street NW , DC 20049 Washington Follow us on Twitter @AARPpolicy on facebook.com/AARPpolicy www.aarp.org/ppi Data compiled on February 1 , 2019. Written by Jen Schramm, AARP Public Policy Institute. 4

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