Baby Boomers and Millennials: Different Job Markets

A recent Careerbuilders’ article calls our attention to the different job markets nationally being experienced by baby boomers and Millennials. As I look at Ashtabula County, the two population groups appear to be experiencing similar realities to those described in the Careerbuilders’ article.

When the Great Recession began in 2007, it triggered changes that were felt in the three major economic markets: housing, stock and jobs. Few people doubted these unprecedented events would cause rippled effects throughout the American economy and beyond. Yet, in the years since the recovery began, some workers have found the job market more welcoming than others.

From 2007 to 2013, the number of jobs held by baby boomers (age 55-64) grew by 1.9 million or 9 percent. For millennials (age 22-34), job growth was virtually nonexistent at 0.3 percent or 110,000 jobs. These stark differences shows that these two generations of workers are experiencing drastically different job markets.

While millennials were just beginning their careers at the start of the recession, baby boomers were preparing to begin their retirement. In new analysis from CareerBuilder and Economic Modeling Specialists, Intl. (EMSI), the post-recession stories of the workforce’s youngest and eldest workers begins to take shape.

In my view, we need to show some foresight with respect to the short and longer term labor markets and how we provide opportunities for different population groups. This is also true with respect to the “working middle,” or those in the 35-54 age group.

Read more of the Careerbuilders article here: http://advice.careerbuilder.com/posts/millennials-and-baby-boomers-a-tale-of-two-job-recoveries

 

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