About 25% of older Gen X and young boomer workers who were laid off in the last decade remain unemployed. Many of them have taken pay cuts in their job search. The job market is particularly tough for Gen Xers, who often face longer periods of unemployment compared to younger workers. Factors such as nearing retirement age and increased competition for senior positions contribute to this trend. A significant percentage of older workers attempted to remain in the workforce longer but struggle with job searches and financial pressure.
Nearly 25% of older Gen X and young boomer workers laid off in the past decade haven't found new jobs, with 11% taking pay cuts.
Among U.S. citizens aged 50-65, 14% were laid off once in the past 10 years; of those laid off, 24% could not find new jobs.
Gen Xers aged 45-60, often holding competitive senior roles, face longer job searches, averaging 26 weeks of unemployment compared to younger generations.
Older generations are often viewed as temporary workers nearing retirement, increasing competition for a limited number of senior roles.
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