Relaxing can wait, as retirees flood job market
[21 August 2003 - The Christian Science Monitor] (There are) a record number of Americans - 21 million - age 55 or older and in the workforce. Last month, nearly another 1 million older Americans were searching for work. While seniors were also hired in large numbers during the booming late 1990s because of labor shortages, the trend has continued during faltering economic times, as cautious employers turn to those they see as reliable as well as inexpensive. Employment experts believe the surge in senior workers is likely to have a spillover effect on the labor force as a whole, since they are competing with younger workers for available positions. "They have in essence taken the jobs that usually go to immigrants and young people," says Mark Zandi of Economy.com. In fact, over the past year, individuals 55 and over are the only age group that has been able to find work.