Gen Z is facing a job market double-whammy
Summary
New graduates are finding it hard to get jobs because the number of unemployed people new to the workforce has reached its highest level in 37 years. This is happening because companies are being careful about hiring due to economic uncertainties like tariffs and policy issues. Even though the overall unemployment rate is low, many young people without work are struggling to find jobs.Key Facts
- 13.4% of unemployed people in July were new to the workforce, such as recent graduates.
- This is the highest percentage since 1988 when many Baby Boomers were job hunting.
- People with jobs are generally keeping them; the unemployment rate is 4.2%.
- Young people with college degrees, aged 22-27, have a jobless rate similar to rates seen in the 2010s.
- The unemployment rate for everyone aged 22-27 was 7.4% in the second quarter of the year.
- 25.2% of unemployed workers have been without a job for 27 weeks or more, the highest since February 2022.
- Many young job seekers affected by this started college during the COVID-19 lockdowns.
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