In July, 13.4% of unemployed Americans were new labor force entrants with no prior work experience, marking the highest rate since 1988. The overall unemployment rate is currently low at 4.2%, yet many face difficulty in finding jobs, particularly college graduates aged 22-27, who have an unemployment rate of 7.4%. Furthermore, the long-term unemployment figures are concerning, with 25.2% of unemployed individuals without work for 27 weeks or longer, indicating a challenging job market for younger generations. The situation presents additional hurdles for those who started their education during the pandemic.
13.4% of unemployed Americans in July were "new labor force entrants," those looking for jobs with no prior work experience, such as new high school and college graduates.
The jobless rate for college degree holders, age 22-27, has been hovering at a rate last seen during the 2010s (excluding 2020 data).
The share of unemployed workers who've been without a job for 27 weeks or longer is up sharply, making up 25.2% of all unemployed workers.
The frozen hiring market is a "double-whammy" for Gen Z, according to John O'Trakoun, an economist at the Richmond Fed.
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