The economy has shown significant strength in the years following the pandemic, with employment levels quickly bouncing back and exceeding pre-pandemic levels in just two and a half years. This has been particularly beneficial for workers in their prime earning years, with those aged 25 to 54 seeing a quick recovery in job opportunities. Younger workers, aged 25 to 34, have seen their employment levels surpass pre-pandemic levels, indicating strong job prospects for this age group. In contrast, those in the same age group before the Great Recession experienced a slower recovery, with fewer job opportunities available to them.
Similarly, workers aged 35 to 44 have also experienced a rebound in employment levels, with job opportunities exceeding pre-pandemic levels. This trend is in stark contrast to the experience of the same age group after the Great Recession, where job prospects remained bleak even four years after the recession started. The quick and strong labor market recovery has meant that millions of workers in their prime earning years have enjoyed stable career prospects, with more job opportunities available to them compared to after the Great Recession.
Workers aged 45 to 54 have also seen improvements in their job prospects after the pandemic, with employment levels dropping less significantly than after the Great Recession. While the older cohorts in this age group are gradually moving into retirement, the quick recovery in job opportunities has delayed this transition for many workers. The stability in career prospects for all age groups in their prime earning years has been attributed to repeated public investments to stabilize the labor market, ensuring that disruptions to careers were short-lived and offset by ample job opportunities.
Overall, workers of all ages have benefitted from the quick and strong labor market recovery seen in the years following the pandemic. The unemployment rate has remained consistently low, with job opportunities abundant for workers in their prime earning years. The improved career prospects for workers aged 44 and younger have meant that they have experienced fewer disruptions to their careers compared to after the Great Recession. The widespread job opportunities and delayed retirement for workers aged 45 and older have also contributed to a more stable labor market, with millions of workers experiencing better career prospects after the pandemic than after the Great Recession.
