Laid-off workers are taking lower-paying jobs amid a tough job market for white-collar roles

Older Americans Face Challenges in Job Market Amid Hiring Slowdown

Many older Americans express career regrets, such as not prioritizing education or switching jobs too frequently, according to previous Business Insider reports. Returning to comparable roles after a layoff can be particularly difficult, with age discrimination cited as a significant barrier.

A 2022 AARP survey found that 64% of people over 50 had either experienced or witnessed age discrimination in the workplace.

Hiring Slowdown Worsens Job Search Struggles

The difficulties faced by job seekers—especially older workers—have been exacerbated by a slowdown in hiring.

According to Bureau of Labor Statistics (BLS) data, U.S. businesses are hiring at their slowest rate since 2013, excluding a brief dip in 2020 due to the pandemic.

As of December, 1.6 million people had been searching for work for at least six months, up from 1.3 million the year before.

Unemployment Remains Historically Low

Despite hiring challenges, the overall unemployment rate and layoff rate remain low by historical standards, per BLS data.

For the week ending January 18, the seasonally adjusted initial jobless claims stood at 223,000, an increase of 6,000 from the previous week’s 217,000. The four-week moving average rose slightly to 213,500, up by 750.

Meanwhile, the insured unemployment rate for the week ending January 11 remained 1.2%, unchanged from the previous week. However, the number of seasonally adjusted insured unemployed individuals reached 1,899,000, the highest level since November 2021, when it was 1,974,000.

The four-week moving average for insured unemployment climbed to 1,865,750, marking a 500-person increase from the previous week.