In this painfully slow recovery from the recession, older Baby Boomers are getting jobs, but younger Boomers aren’t.
“Fathers are losing their jobs, and their sons are taking them. Meanwhile, the proportion of older workers is rising because they’re holding onto jobs longer to make up for financial losses in the recession.”
That’s a statement, quoted in the Wall Street Journal, from Mark Zandi, chief economist at Moody’s Analytics.
He did an analysis of Bureau of Labor Statistics data, going back to December 2009 when the labor market bottomed out.
What he found is that the number of Baby Boomers aged 45 to 54 who found jobs during the period declined by about 400,000 jobs.
Meanwhile, jobs for older Baby Boomers aged 55 to 64 grew by 915,000.
According to the Journal piece, it’s the highly paid and geographically settled middle aged workers who were among the first to get fired during the downturn. And could be among the last to find new jobs.
The job growth is among those 20 to 34 — about 1 million jobs since the downturn.
The Journal cited companies like Google, which has added 4,360 new workers this year, that want people who grew up with technology.