Trends and Entertainment

Who’s Got It the Worst? Finally, the Answer.

Things may be turning around in some areas of the economy, but some demographics are still feeling the heat more than others. Here’s how it shakes out:

Age: Although workers of all ages have been impacted by the recession, statistics show that those over the age of 60 have been hurt worse than anyone else. In the past, older workers would retire if their career headed south. Nowadays, however, with 401Ks dwindling, more and more 60+ workers have joined the unemployment line and started looking for new work.

Race: Blacks and Hispanics have lost significantly more jobs since the recession began than whites. Overall, the unemployment rate for black workers is double that of white employees, with the national unemployment rate hovering at 15 percent for blacks and 12.7 percent for Hispanics, versus 9.5 percent overall.

Gender: It’s not called a “mancession” for nothing. Overall job loss has disproportionately impacted men, who’ve lost 80 percent of the jobs in the recession so far.

Industry: The drop in credit and overall consumption has hit the retail industry especially hard as of late, causing a loss of 72,727 jobs in the first two months of 2009 and making retail the “worst-hit industry” of the recession.

Geography: Flint, Michigan, wins the honor of being the hardest hit area in the country in 2009, with the city’s overall economy projected to shrink by -15.6 percent from the beginning of the recession through 2010. Even worse, Flint’s economy isn’t expected to recover from the recession at any point in the next decade.

So, to sum up, if you’re an older Hispanic or African-American male who works in retail in Flint, Michigan – we feel for you, buddy.

Tags: economy, Michigan