The US job market has reached its toughest level for young college graduates in over a decade. The unemployment rate for degree holders aged 22-27 has hit a high not seen since the COVID-19 pandemic, with joblessness among this group now surpassing the overall unemployment rate.
Rising uncertainty, fueled by tariffs introduced during the Trump administration, is believed to be driving businesses to delay hiring new workers. Experts warn that young people are bearing the brunt of economic uncertainty, particularly in entry-level positions. The growth of artificial intelligence may also be eating away at jobs for beginners in white-collar professions.
The value of a college degree has come under scrutiny as more workers than ever hold a four-year degree, now standing at 45% of the workforce. Economists say that while finding work can be demoralizing, holding a degree still offers lifetime benefits, including higher pay and reduced unemployment.
The US economy is generating modest job gains, but these are concentrated in healthcare, government, and the service industry. The hiring rate has fallen to levels seen during the 2014 recession, when the unemployment rate was 6.2%. The current unemployment rate for college graduates aged 22-27 stands at 5.8%.
Source: https://www.businessreport.com/article/unemployment-among-young-college-grads-exceeds-the-overall-jobless-rate