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business Wednesday 21 OctOber 2020
Older workers face higher unemployment amid virus pandemic

By SARAH SKIDMORE SELL unemployment insurance in part because they tend
AP Personal Finance Writer payments and said he has to face more serious health
For the first time in nearly 50 spent almost all of his sav- risks when infected by the
years, older workers face ings. virus.
higher unemployment than "I just want to get back to The unemployment spike
their midcareer counter- my job as soon as possible for older workers could
parts, according to a study to support my family be- force more of them into
released Tuesday by the cause I'm afraid we will end early and involuntary retire-
New School university in up homeless," Gamo said. ment, worsen their financial
New York City. The New School study fo- well-being and exacerbate
The pandemic has wreaked cused only on workers with financial disparities already
havoc on employment for established careers. As a experienced by women,
people of all ages. But re- result, it did not examine minorities and people with-
searchers found that dur- workers younger than 35. out college degrees in
ing its course, workers 55 It found that the pandemic terms of retirement security.
and older lost jobs sooner, In this July 15, 2020, file photo, job seekers exercise social has posed a unique risk for New School researchers
were rehired slower and distancing as they wait to be called into the Heartland Workforce older workers, said Teresa estimated that 1.4 million
continue to face higher job Solutions office in Omaha, Neb. Ghilarducci, director of workers over 55 remain lost
losses than their counter- Associated Press the New School's Schwartz their jobs since April and
parts ages 35 to 54. persistently lower unem- job as a baggage handler Center for Economic Policy remain unemployed. The
It is the first time since 1973 ployment rates than mid- at Reagan National airport Analysis. figure does not include
that such a severe unem- career workers — partly be- in the Washington suburb "The higher rate of unem- workers who became un-
ployment gap has persist- cause of seniority benefits. of Arlington, Virginia. ployment for older workers employed in April and left
ed for six months or longer. But in the current recession, While Gamo is afraid of ex- might be because this is a the work force.
AARP said the study bol- older workers experienced posing himself to the coro- once-in-a-lifetime chance The situation could have
stered concerns about the higher unemployment navirus by working around for employers to shed old- deep ramifications for older
economic impact of the rates than midcareer work- others, he said he has er workers and not fear workers close to retirement
virus on on older workers. ers in each month since the looked for work — because investigation by the labor because their final years
When people over 50 lose onset of the pandemic. he feels he has little choice department," Ghilarducci on the job are critical for
their jobs, it typically takes The older workers' unem- but to take any job he can said. She added: "Age dis- those who have not saved
them twice as long to find ployment rates from April find. crimination rules are not enough for their retirement
work as it does for younger through September were The contractor he worked being tightly enforced. Em- and expect to work longer
workers, the organization 1.1 percentage points high- for, Eulen America, has re- ployers, fearing economic to shore up their retirement
representing the interests of er than mid-career workers quired its laid off employ- instability, may want to get funds.
older Americans estimates. — at 9.7% versus 8.6%. The ees to reapply for their jobs. rid of relatively more ex- "Retirement security is very
The pandemic "may be rates were compiled using Gamo did so but said he pensive workers and take fragile and a lot of them
something that is pushing a six-month rolling average has received no reply. their chances with train- never recovered from the
people out of the work- and were far worse for old- The immigrant from Ethio- ing new workers when the recession in the first place,"
force and they may never er workers who are black, pia supports three grand- economy recovers." said Weinstock, of the
get back in," said Susan female or lack college de- children, ages 6, 12 and Older workers often face AARP. "They were planning
Weinstock, AARP's vice grees. 14, who live with him. His age discrimination, making on working to make up for
president of financial resil- Among the newly unem- daughter is still employed, it difficult for them to find money they hadn't saved
ience programing. ployed older workers is Le- but her pay is not enough jobs. Researchers believe and then they aren't able
In every recession since the gasse Gamo, 65. He was to cover their expenses. employers laid off and re- to make those catch up
1970s, older workers had laid off in March from his Gamo gets $210 a week in sisted rehiring older adults, payments they need." q
Netflix reports a summer slump in subscriber growth

By MICHAEL LIEDTKE and After picking up 2.2 million or 5.4% to $496.89 in after-
BARBARA ORTUTAY customers in the July-Sep- hours trading after the re-
Netflix's subscriber growth tember period, Netflix fin- sults came out.
slowed dramatically during ished the quarter with 195.2 Wall Street generally still
the summer months after a million worldwide subscrib- sees big things ahead for
surge in the spring fueled ers. Earlier, company had Netflix, which is based in
by pandemic lockdowns forecast an addition of 2.5 Los Gatos, California, with
that corralled millions of million subscribers during its video streaming service
people in their homes. the quarter. poised to surpass 200 mil-
The summer slump came Even so, Netflix is still ahead lion subscribers soon.
as more people sought dis- for the year. It has added 28 The company earned $790,
traction from the pandem- million subscribers through million, or $1.74 per share,
ic outdoors and major U.S. the first nine months of the in the third quarter, up 19%
professional sports resumed year — locking in the com- from $665 million, or $1.47
play, offering other enter- pany's largest annual in- per share, a year earlier.
tainment alternatives to the crease in its history. This Aug. 13, 2020 photo shows a logo for Netflix on a remote Revenue climbed 22.5% to
world's most popular video But the momentum seems control in Portland, Ore. $6.44 billion from $5.24 bil-
streaming service. to be tapering off, based Associated Press lion.
The drop-off disclosed Tues- on the trends Netflix is see- ber period, down from 8.8 quarter of this year. Analysts were expecting
day in Netflix's latest earn- ing. million last year. Analysts The influx of new subscribers earnings of $2.13 per share
ings report was more dra- The company is projecting were expecting Netflix to has helped boost its stock and revenue of $6.39 bil-
matic than management a gain of 6 million subscrib- project a gain of 6.4 mil- by 59% so far this year. But lion, according to a poll by
had warned it might be. ers in the October-Decem- lion subscribers for the final shares of Netflix fell $28.53, FactSet.q