A line chart spanning January 2007 to September 2025 shows the Vanguard employment growth rate (three-month moving average) for three age groups: 21 to 25, 26 to 40, and 41 to 55. Two shaded gray bands indicate recession periods: one around 2008–2009 and another around 2020–2021. The employment growth rate for ages 21 to 25 stood at around 4% to 5% before the recessions, dropped sharply after both recessions, and then rebounded. The employment growth rates for the other two age groups—26 to 40 and 41 to 55—followed similar trajectories, but from lower initial employment growth rates and with much less magnitude in the movements. All three age groups show a decline in the employment growth rate beginning in late 2022, with the drop being much steeper for the 21 to 25 age group.