Why switching jobs is harder for older workers

Summary

Marketplace Morning Report: Why Switching Jobs Is Harder for Older Workers

Release Date: May 27, 2025
Host: David Brancaccio
Producer: Marketplace

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Introduction

In this episode of Marketplace Morning Report, David Brancaccio explores the increasing difficulty older workers face when attempting to switch jobs. With the trend of delayed retirements continuing, the conversation delves into the challenges and strategies for mid to late-career professionals seeking new opportunities.

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The Growing Desire to Change Jobs Among Older Workers

Mitchell Hartman opens the discussion by highlighting a significant shift in the job market:

"Lots of older workers are itching to make a move," says Carly Ruskowski at AARP (01:13).

According to a recent AARP survey cited by Hartman, 24% of workers aged 50 and older are planning to change jobs this year, a figure not seen in the past decade. However, a staggering 65% of these workers haven't taken steps to prepare for a job transition (01:33).

Carly Ruskowski emphasizes the gap in preparation:

"These older workers might not have made a job change in 10, 15 years," (01:38).

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Strategies to Overcome Job Switching Challenges

Mitchell Hartman provides actionable advice for older professionals considering a job switch:

1. Resume Optimization:

   • Ensure your resume can navigate modern tracking systems or applicant bots.
   • Ruskowski advises updating digital addresses and maintaining professional online profiles like LinkedIn while omitting outdated graduation dates and irrelevant job experiences (01:45).

2. Networking:

   • Traditional networking remains invaluable.
   • Peter Capelli from the Wharton School suggests writing personalized letters or leveraging personal connections to bypass online job boards (02:02-02:08).

Mitchell Hartman reiterates the importance of networking:

"Network your friends, former co-workers, anyone with a personal connection," (02:08).

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Economic Insights Affecting the Job Market

David Brancaccio introduces an economic update, noting a recent 1.6% drop in capital goods purchases for April. Despite this, hiring remains stable amidst tariff volatility and consistent consumer spending.

Economist David Kelly from JP Morgan Funds shares his perspective:

"American consumers are very resilient. They'll keep on spending until the plastic melts," (02:34).

Kelly forecasts a moderate economic slowdown coupled with a slight uptick in inflation, attributing these trends to:

• Continued consumer spending
• Employers' reluctance to lay off workers
• Upcoming fiscal stimulus from a pending tax bill (02:34).

Brancaccio probes further into fiscal concerns:

"As long as the bond market swallows the tax and spending plan with all that borrowing, there will be concerns," (03:18).

Kelly acknowledges the growing deficit:

"The deficit as a share of GDP is going to go from about 6% to about 7%," (03:25), noting that while global lenders will continue to support, borrowing costs may rise.

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Inside TSMC’s Expansion in Arizona

A notable segment features Faisal Islam, BBC Economics Editor, providing an exclusive look into TSMC’s Phoenix, Arizona facility—a key player in the global semiconductor industry.

Highlights from the report include:

• TSMC's Role: Manufacturing 90% of the world's advanced semiconductors, making it a critical asset in the tech rivalry between the U.S. and China (06:37).
• Advanced Technology: Showcasing a wafer containing 10 to 14 trillion transistors, underscoring the sophistication of TSMC’s operations (07:29).
• Investment in the U.S.: A $160.65 billion investment aimed at replicating Taiwanese factories in Arizona, signaling a strategic move to bolster domestic chip production (07:55).

Rose Castaneras, TSMC Arizona President, affirms the factory’s global importance:

"I certainly believe it is one of the most important factories in the world," (08:06).

The segment also touches on political dynamics, noting that much of TSMC’s expansion plans were initiated under the Biden administration, with President Trump’s tariffs having limited impact on the semiconductor supply chain (08:14).

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Used Car Market Reaches Pandemic-Era Low Inventory

Brancaccio presents a quick update on the automotive sector:

"Used car dealers have just 43 days worth of previously loved cars to sell—the lowest inventory since the pandemic," states Cox Automotive (09:05).

This scarcity is driven by:

• Tariffs on New Cars: Increasing demand and prices for used vehicles as consumers face higher costs for new purchases.
• Average New Car Price: Currently at $48,000, further influencing the used car market dynamics.

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Climate Conscious Investing: A Rollercoaster Five-Year Journey

In the final segment, Carly Ruskowski discusses the tumultuous path of climate-conscious investing over the past five years alongside Peter Capelli from the Wharton School.

Key Points:

• Initial Progress: Early efforts by Wall Street seemed promising in addressing climate issues through investment.
• Backlash: A significant backlash, driven by dark money and oil industry opposition, disrupted these initiatives (09:31).

Amy Scott, host of How We Survive podcast, introduces the topic:

"We investigate the rise, fall, and reincarnation of climate-conscious investing," (09:47).

Listeners are encouraged to tune into the podcast for a deeper exploration of the subject.

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Conclusion

This episode of Marketplace Morning Report provides a comprehensive look into the challenges older workers face in the evolving job market, backed by expert insights and strategic advice. Additionally, the economic updates and specialized segments on the semiconductor industry and used car market offer listeners a well-rounded understanding of current business and economic trends. The discussion on climate-conscious investing underscores the complexities and ongoing debates within sustainable finance.

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Notable Quotes:

• Carly Ruskowski (AARP): "Workers 50 and older planning to make a job change this year, higher than we've seen in a decade." (01:22)
• Peter Capelli (Wharton School): "Or find somebody you know so that you can get around all these people applying through job boards." (02:04)
• David Kelly (JP Morgan Funds): "American consumers are very resilient. They'll keep on spending until the plastic melts, basically." (02:34)
• Rose Castaneras (TSMC Arizona): "I certainly believe it is one of the most important factories in the world." (08:06)

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Marketplace Morning Report continues to deliver critical insights and updates to help professionals navigate the complex landscape of business and economics.

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Timestamp Reference:

• [00:00] to [09:47] correspond to the provided transcript segments.

Transcript

[Mitchell Hartman]

What comes next, and how do you get there? Designed for mid to late career professionals, the University of Chicago's online Crafting youg Next Chapter program helps you discover and pursue a future of purpose. Learn more and apply to join our autumn cohort at graham uchicago. Edu.

[David Brancaccio]

From all of us at Marketplace, thank you to everyone who stepped up during our May fundraiser. We're so grateful. Now more than ever. The support of our Marketplace investors means so much. Your generosity keeps this work going. We made great progress toward our goal, but ultimately fell a little short. Every donation matters, especially as we plan for an uncertain future for public media. If you didn't get a chance to give, we need you now. Head to marketplace.org donate and again, thank you. The challenges of switching jobs if you're older I'm David Brancaccio in New York. The 40 year trend is holding off retirement and working longer. Now. If you keep a job, that's one thing, but it can be harder to switch jobs if you're older. Here's Marketplace's Mitchell Hartman.

[Mitchell Hartman]

Lots of older workers are itching to make a move, says Carly Ruskowski at AARP. The group's latest survey found 24% of.

[Carly Ruskowski]

Workers 50 and older planning to make a job change this year, higher than we've seen in a decade.

[Mitchell Hartman]

But 65% of them haven't done anything recently to prepare.

[Carly Ruskowski]

These older workers might not have made a job change in 10, 15 years.

[Mitchell Hartman]

First step in the brave new world of job search make sure your updated resume can get through some of the.

[Carly Ruskowski]

Tracking systems or bots that organizations are using.

[Mitchell Hartman]

Other tips Use digital addresses, email, professional websites, LinkedIn. Leave out decades old graduation dates and job experience. And here's some old school advice from Peter Capelli at the Wharton School.

[David Brancaccio]

Try to write a letter to somebody.

[Peter Capelli]

Or find somebody you know so that.

[David Brancaccio]

You can get around all these people applying through job boards.

[Mitchell Hartman]

Network your friends, former co workers, anyone with a personal connection. I'm Mitchell Hartman for Marketplace.

[David Brancaccio]

There was a surprise drop today in the purchases of expensive industrial scale items. Capital goods fell 1.6%. This is in April, but hiring has been hanging in amid the tariff volatility, and so is consumer spending. Economist David Kelly is chief global strategist at JP Morgan Funds.

[David Kelly]

American consumers are very resilient. They'll keep on spending until the plastic melts, basically. And then also American employers, they're very unwilling to lay people off until they absolutely have to because it was so hard to hire them in the first place. And then finally you've got this big tax bill that's just got passed by the House, it's headed over to the Senate. We do think that will eventually get passed into law and it involves a fair amount of fiscal stimulus, not just for 2026 and beyond, but even later on this year there'll be a little fiscal stimulus. You put it all together, we are looking at a slowing economy, we're looking at a little higher inflation, but it's all relatively moderate. And so I think you'll just see a moderate slowdown in growth, a moderate pickup in inflation. But overall, I think despite the dramatic headlines, I don't expect to see a lot of drama in the economy.

[David Brancaccio]

Right. As long as the bond market swallows the tax and spending plan with all that borrowing, there will be concerns.

[David Kelly]

Yeah, there is a little indigestion and there'll be more because we are looking at deficits which are going to gradually climb here. I mean, despite all this focus on cutting government spending, if you add in the fiscal stimulus to extending the tax cuts from 2017, the deficit as a share of GDP is going to go from about 6% to about 7%. So it is gradually going up. And the rest of the world will lend us that money. I just think they're going to lend it to us at a higher interest rate and I think that's what we're seeing in the bond market.

[David Brancaccio]

All right, David Kelly at JPMorgan Funds. Always good to catch up. Thank you.

[David Kelly]

Anytime.

[Carly Ruskowski]

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[Peter Capelli]

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[David Brancaccio]

Said to make the most advanced microchips on Earth, Taiwan semiconductor manufacturing company TSMC, which has been expanding its U.S. operations amid national security concerns about so much chip production overseas. TSMC tends to be media shy, but our partners at the BBC got invited into its Phoenix, Arizona operation. BBC economics editor Faisal Islam reports.

[Faisal Islam]

In the baking heat in the desert of Arizona just outside Phoenix, an extraordinary building has just been built and it is the most important company. You've never heard of TSMC, the Taiwan Semiconductor Manufacturing Company, which makes 90% of the world's advanced semiconductors. And it's a really secretive place and they've let us in.

[Carly Ruskowski]

Welcome to TSMC Arizona.

[Faisal Islam]

Thank you. Microchips are at the heart of virtually every device we use, from cars to iPhones to hospital scanners. They power the modern economy and will form the backbone of our future, where fierce rivalries emerging between America and China. One reason why President Trump has become a little obsessed with this company and bringing its manufacturing process to the US.

[David Kelly]

From tsmc, which is the biggest there is at a level that you can't even calculate, frankly. We gradually lost the chip business and now it's almost exclusively in Taiwan.

[Faisal Islam]

I'm here in what they call the gowning building, where the workers get dressed up in protective clothing that's meant to essentially protect the cleanest environment on Earth.

[Peter Capelli]

I'm Konstantinos Ninos. I'm here at Fab 21 as a department manager for Dryad.

[Faisal Islam]

Konstantinios is showing me what's known as a wafer, a slice of silicon the size of a dinner plate on which transistors, or tiny circuits controlling the flow of an electric current, sit by the billion. They're smaller than red blood cells, not much bigger than atoms, and are etched into the wafer using ultraviolet light.

[Peter Capelli]

This is the most advanced wafer in the US right now. This wafer contains about 10 to 14 trillion transistors.

[Faisal Islam]

Boss here is overseeing a $160 $65 billion investment that has transferred carbon copies of three of the company's Taiwanese factories, with more to come.

[Carly Ruskowski]

Rose Castaneras, TSMC Arizona President I certainly believe it is one of the most important factories in the world.

[Faisal Islam]

So I'm here in the main extra construction area of this facility. Now, President Trump has wasted very little time in claiming vindication for this, for his economic policies. Much of this was already planned under the Biden administration, and it is not at all clear that tariffs will help in this semiconductor supply chain.

[Carly Ruskowski]

There's really no single country at this moment that can do everything from chemicals to wafer manufacturing to packaging. And so it's very difficult to kind of unwind that whole thing very quickly. Tsmc, your trusted partner to power the FDA AI era.

[Faisal Islam]

It's a battle for global tech and economic supremacy in which Taiwan's factory technology is a critical asset, much of which is now being moved to the Arizona desert.

[David Brancaccio]

That's the BBC's economics editor, Faisal Islam. And one more number. 43 Cox Automotive calculates used car dealers have just 43 days worth of previously loved cars to sell the lowest inventory since the pandemic. Tariffs on the new ones are driving up demand and prices rising for the used ones. Average new $48,000. Marketplace Morning Report from APM American Public Media.

[Carly Ruskowski]

Can we invest our way out of the climate crisis? Five years ago it seemed like Wall street was working on it until a backlash upended everything.

[Peter Capelli]

So there's a lot of alignment between.

[Carly Ruskowski]

The dark money right and the oil.

[Peter Capelli]

Industry on this effort.

[Carly Ruskowski]

I'm Amy Scott, host of How We Survive, a podcast from Marketplace. In this season, we investigate the rise, fall and reincarnation of climate conscious investing. Listen to How We Survive wherever you get your podcasts.