Alert
Close

Multiemployer pension cuts and what you need to know about pension provisions in 2015. Learn more

Highlights

Open

Real Possibilities

You and Your Town Contest-You could win an AARP RealPad
Introducing RealPad by AARP

Contests and
Sweeps

$10,000 Winter Escapes Sweepstakes

Beat the cold and cozy up to a chance of winning $10,000! See official rules.

AARP-iPad-ePub-app
AARP Auto Buying Program

PROGRAMS & RESOURCES

Best Employers for Workers Over 50

See the latest winners of this AARP recognition program.

Your Own Business

Information for business owners, entrepreneurs and the self-employed.

Back to Work 50+

Connecting employers and unemployed workers 50+.

Most Popular
ARTICLES

Viewed

Unemployment Rises to 9.8 Percent

Job creation sputters; older workers feeling the pain

Before Friday morning's announcement, more than 80 economists polled by Bloomberg News Service had predicted on average a gain of 150,000 jobs in November, based on their readings that economic indicators were showing some improvement. Instead, the government's figure was roughly a quarter of that.

The government report showed that jobs in temporary help services and in health care continued to rise in November. But employment fell in retail trade, surprising analysts who expected employers to beef up staff ahead of the holiday season. The government and the manufacturing industry continued to shed jobs.

Labor market continues to limp

Sophia Koropeckyj, an economist at Moody's economy.com, predicts that the labor market will limp along through the end of next year, or the beginning of 2012, as employers continue to hold off on permanent hires. She says the uncertainty of tax and health care reforms, as well as the economic downturn in Europe, add to employers' concerns.

"We do expect that the unemployment rate will reach 10 percent in the middle of next year because the economy will not create a sufficient number of jobs to keep the unemployment rate stable," she says. "Employers are still leery about adding to payrolls even though big companies are very profitable — and their profits are generated because of cost cutting. They're doing more with fewer workers but there's a limit to that. You can only ask people to do so much."

The monthly labor report was no surprise to John A. Challenger, chief executive officer of the outplacement firm Challenger, Gray & Christmas in Chicago. The company released a report on Wednesday that said employers announced payroll reductions of 48,711 jobs in November, the highest level in eight months. That was 28 percent higher than the planned layoffs reported in October.

Cuts still less than last year

Despite the increase, this year's job cuts were lower than last year's, the report said. Employers announced 497,969 job cuts from January through November, a 60 percent decline from the 1.2 million layoffs during the same period a year ago.

"Government and nonprofit job cuts are down 16 percent from a year ago," Challenger said in a statement, "but that is probably little consolation to employees in the sector, which is still struggling despite signs of recovery in other areas of the economy."

At the same time, the report noted hiring announcements totalling 26,012 workers in November.

Carole Fleck is a senior editor at the AARP Bulletin.

Topic Alerts

You can get weekly email alerts on the topics below. Just click “Follow.”

Manage Alerts

Processing

Please wait...

progress bar, please wait

Tell Us WhatYou Think

Please leave your comment below.

Jobs You Might Like

Discounts & Benefits

From companies that meet the high standards of service and quality set by AARP.

UPS Store membership discount aarp benefits

Members save 15% on eligible products/services, 5% on UPS shipping at The UPS Store®.

membership adt

Small business owners save 20% on new installation of any new ADT security system.

Mujer en la parte de afuera de so negocio

Free quotes for members from the AARP® Small Business Insurance Program.

Member Benefits

Renew today! Members receive exclusive member benefits & affect social change.

Rewards for Good

Your Points Balance:

Learn More

Earn points for completing free online activities designed to enrich your life.

Find more ways to earn points

Redeem your points to save on merchandise, travel, and more.

Find more ways to redeem points

Advance your skills. Transform your career.

Explore your learning possibilities.