Academic careers dwindling

I know that the chance of getting a professorship in the humanities, especiallly foreign languages, has plummeted since the end of the Cold War, but now a new book says things are not much better in the sciences:

“the chance of a PhD recipient under age 35 winning a tenure-track job has tumbled to only 7%”

Under 35? So what happens to those over 35?

Of course, PhDs in the sciences could always get jobs in industry, but the article says that such people are often considered overskilled and inexperienced.