The job market for young, educated workers has significantly deteriorated, with a current unemployment rate of 5.8% for recent college graduates. Experts suggest this trend reflects ongoing challenges that began post-Great Recession and worsened after the pandemic. Hiring freezes and layoffs have made it progressively harder for young people to enter the workforce, particularly in tech and finance, which have seen a sharp decline in job openings. Increased law-school applications indicate a retreat to further education amid economic uncertainty.
According to the New York Federal Reserve, labor conditions for recent college graduates have "deteriorated noticeably" in the past few months, and the unemployment rate now stands at an unusually high 5.8 percent.
David Deming, an economist at Harvard, mentioned, "Young people are having a harder time finding a job than they used to, and it's been going on for a while, at least 10 years."
The pandemic shattered progress in the labor market, and white-collar industries—including technology—were among the hardest hit, with job openings in software development plunging.
A surge in law-school applications suggests young people are once again using graduate school as a refuge during economic uncertainty, similar to the trend following the Great Recession.
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