Younger workers have a famously high unemployment rate. Last month, workers aged 20 to 24 had a 12.5 percent unemployment rate, while those aged 25 to 34 had an unemployment rate of 7.3 percent -- the national average for October. Workers aged 55 and over, though, had an unemployment rate of only 5.4 percent. What gives?
Regardless of what generation we're part of, we all heard the same thing in school when we were growing up: "The jobs of tomorrow don't even exist yet!" What most of our teachers failed to mention is that the majors of tomorrow are probably being invented as well.
Most of the big news in our Generations at Work data package is about Baby Boomers and Millennials. The former can't retire; the latter can't start their careers. But what about Gen Xers, the erstwhile slackers and marginally employed baristas of every workplace trend article of the '90s?
Gen Yers are getting a slower start on their careers, thanks to a soft economy and a changing professional landscape. A recent report finds that these delays have far-reaching impacts for younger workers, who may hit the sweet spot in their careers later than previous generations.
Does when you were born influence your career? Recent data suggests it might. PayScale's second annual Generations at Work data package compares career trends among Baby Boomers, Gen X, and Gen Y workers.