WASHINGTON (AP) – The unemployment rate has been improving steadily since the recession ended nearly five years ago. But a lot of unemployed workers still can’t find jobs.
While the overall jobless level has dropped to 6.3 percent, the number of the working-age people with actual jobs is barely over 6 in 10. That’s no better than the job markets of the late 1970s.
Baby boomers born from 1946 to 1964 are retiring in droves, for one thing. And industries like construction and manufacturing haven’t yet rebounded.
But a major factor is discouraged workers who give up looking for work after failing to find a new job after months or years of trying.
Many are older and at or near retirement age.