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U.S. Labor Market - 8/12/14

That the U.S. labor market’s rate of improvement has accelerated is apparent.  For the last six months, the nation has managed to add more than 200,000 jobs, the longest such winning streak since 1997.  But the quality of jobs being added continues to be mediocre, inducing many people to work more than one job.  For instance, according to the U.S. Department of Labor, 115,000 people in the U.S. who are over the age of 55 are working 3 jobs. 

That represents a 170 percent increase since 1994, when the corresponding statistic was 43,000 people and a 60 percent increase over 2006, when the figure stood at 73,000.  As reported by CNNmoney, many of these appear to have been dislocated from previous employment, including in industries such as manufacturing and communications, and are now trying to cobble together enough income to live. 

Many of these older workers may be settling for jobs that don’t pay very well, knowing that it often takes older workers much longer to secure positions.  According to a recent survey conducted by Rutgers University, nearly two-thirds of unemployed workers age 55 and older say that they were actively searching for a job for more than one year compared with just one third of younger workers.

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.