For older workers who have lost their jobs this year, the state of the labor market makes it harder to get rehired as the economy recovers, forcing many Americans to retire early. Employers are also hesitant to hire older workers who could be more susceptible to getting the virus, Rachel said. Once workers retire, they're not very likely to return to the job. These forced retirees would fall into the category of permanent job losses, something economists have worried about since the pandemic began. The Census Pulse Households Survey , meanwhile, shows that more workers applied for early Social Security benefits this year because of the pandemic, according to Briggs.

Source: CNN December 23, 2020 11:48 UTC