Older millennials have bounced back the most in the job market.
The oldest millennials are the best off age group in the workplace right now.
They’re the only cohort among six age groups at or above their pre-pandemic employment level, per BLS data.
They also have a skill set in bridging the generational divide that’s in high demand.
Millennials have had their fair share of economic challenges, but for the oldest members of the generation, unemployment currently isn’t one of them.
They’re the only cohort with a higher number of employed people than before the coronavirus recession, according to Insider’s analysis of Bureau of Labor Statistics data.
Only 199,000 nonfarm payrolls were added in December 2021, which followed November’s low gains of a revised 249,000. But despite these discouraging gains from the establishment survey, employment from the household survey rose by 651,000 in December.
And monthly employment changes by age group varied, with older millennials looking at an especially healthy work situation.
Americans aged 35 to 44 — which includes the oldest millennials and the youngest Gen Xers — are the only cohort among six age groups tracked by BLS to be at or above their pre-pandemic employment level from February 2020 as of December 2021, as seen in the chart below. December was the first month that age group surpassed pre-pandemic employment. The unemployment rate for those 35- to 44-years-old was 3.3% in December 2021, below the national unemployment rate of 3.9%.
Gen Z was a different story. Americans between ages 16 and 19 were just above pre-pandemic employment back in April 2021, but that didn’t last long. By June 2021, this teenage group dipped below where their employment stood in February 2020 and hasn’t gotten back to this figure since.
Although they’ve seen employment gains in recent months, younger workers in the 20- to 24-year-old age group still have some way to go before getting back to pre-pandemic levels. They have the largest percent decrease from February 2020 employment among the six groups as of December.
As for the rest of millennials, the majority of the 25 to 34 age group, their employment recovery currently sits in the middle of the pack among the cohorts.
Older millenials have the upper hand at work
These findings are proof that the eldest millennials have come a long way since graduating into the Great Recession’s blighted job market. It was a rocky start in which many juggled “lower quality” jobs until they could find one that landed them on their feet.
But two recessions later, they have the upper hand in the workplace. Not only are they the most employed age cohort, they also bring the most skills to the table.
Informally known as “geriatric millennials,” a term popularized by author and leadership expert Erica Dhawan to refer to those born in the first five years of the generation, or between 1981 and 1985, this group straddles a digital divide between older and younger generations in the workplace.
Dhawan previously explained to Insider that this enables them to serve …read more
Source:: Business Insider