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Older workers likely to benefit as job market rallies By Ruth Mantelll, MCT News Service Older workers might have an edge as the national labor market slowly recovers. Still, at about 7 percent their unemployment rate is lower than the national rate of 9.7 percent. Once the labor market turns around, older workers are well-positioned to benefit, experts say. With payrolls still weak from millions of cuts, companies need a knowledgeable work force that can be highly productive. Firms don't want to lose the institutional knowledge some older workers have, said Jay Meschke, president of search firm EFL Associates, part of Cleveland-based business outsourcing services company CBIZ Inc. "Companies may say that in these times, that person is more important to me," Meschke said. "Employers are valuing that segment of the work force more than (the) average person in the work force." As the U.S. work force ages, companies will focus on how to make the most of it, said David Neumark, an economics professor at University of California- Irvine who researches age discrimination and the older work force. "When the age structure of the population does shift, and there are so many older workers, employers may say, 'Geez, we have to figure out how to use these guys because they are the ones we can get,' " Neumark said. Still, while some older workers may have an edge, data show that those without a job often have a tough time finding work. In March, workers 55 and up were unemployed an average of 38.4 weeks, not seasonally adjusted, compared with 24.9 weeks for workers aged 16 to 24, and 33.4 weeks for those aged 25 to 54, according to the Bureau of Labor Statistics. Also in March, more than half of older job seekers - 50.6 percent - had been unemployed for 27 weeks or longer, compared with 33.3 percent of workers 16 to 24, and 44.7 percent of workers 25 to 54. However, the unemployment rate for older workers, those 55 and up, is lower than for workers aged 16 and up. In March the seasonally adjusted unemployment rate for older workers was 6.9 percent, compared with 7.1 percent in the prior month, and a record high of 7.2 percent in December. The general unemployment rate held steady at 9.7 percent in March. Like other age groups, older workers will face a labor supply and demand mismatch for several years, experts said. Older adults have good reason to keep working. For one, better overall health enables workers to work for longer, and many enjoy doing so. "You have people who are financially ready, but aren't leaving the work force," said Max Caldwell, a leader of Towers Watson's talent and rewards business. "They are having fun at work and want to keep going."
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