Full Citation

Title: Early Evidence on the Impact of Coronavirus Disease 2019 (COVID-19) and the Recession on Older Workers

Citation Type: Journal Article

Publication Year: 2020

ISBN:

ISSN: 1055-3037

DOI: 10.1093/PPAR/PRAA029

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PMID:

Abstract: The coronavirus disease 2019 (COVID-19) pandemic and the policies to curb its spread brought parts of the U.S. economy to a virtual halt in March 2020. Payroll jobs declined by 0.7 million in March 2020 and 20.5 million in April 2020, pushing the seasonally adjusted official unemployment rate (U-3) to a peak of 14.7% in April 2020 (U.S. Bureau of Labor Statistics, 2020a, 2020b). This rate far surpasses the peak rates during the Great Recession of 2007 to 2009 (10.6%, January 2010) and the early 1980s recession (11.4%, January 1983; U.S. Bureau of Labor Statistics, 2020c), and yet the unemployment rate during COVID-19 has likely been underestimated (Montenovo et al., 2020). Analyses of how the COVID-19 pandemic and resulting recession impact older workers has been limited. In this report, we discuss how older workers fared in prior recessions in the United States, estimate some early effects of the COVID-19 pandemic and recession on employment and unemployment rates by age group and sex, discuss how COVID-19 and this recession differ from prior recessions, and conclude with a brief discussion of important topics for future research.

Url: https://academic.oup.com/ppar/article/30/4/154/5935570

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Authors: Bui, Truc Thi Mai; Button, Patrick; Picciotti, Elyce G

Periodical (Full): Public Policy & Aging Report

Issue: 4

Volume: 30

Pages: 154-159

Data Collections: IPUMS CPS

Topics: Aging and Retirement, Health, Labor Force and Occupational Structure

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