The economic outlook for recent graduates seeking employment appears bleak as job growth stagnates. A recent report from the Bureau of Labor Statistics indicated only 139,000 jobs were added in May, down from April's 147,000. The unemployment rate for young adults aged 22 to 27 has risen to 5.8%, signifying challenges in the job market. Although hiring is sluggish across sectors, health care and leisure/hospitality show strong growth, with health care alone adding over 60,000 jobs in May. Experts warn of a low momentum job market due to various economic factors, including interest rate hikes and trade policies.
Hiring has been slowing down for the last three years, says Kory Kantenga, head of economics of the Americas at LinkedIn. It's generally what we call a low momentum job market.
More than 60,000 new jobs, mostly in hospital and ambulatory services, were posted in the month of May, according to the BLS, making up nearly 45% of all new jobs in the country.
Though hiring is slowing in a number of industries, it's booming in health care, which is recording the highest rates of employment growth.
The unemployment rate for adults between the ages of 22 to 27 increased to 5.8% in March, compared to the overall unemployment rate of 4.2%.
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