Worries are growing that the labor market is beginning to show cracks, particularly for younger aspirants.
  • Zachariah@lemmy.world
    14·
    5 months ago

    KEY POINTS

    • Worries are growing that the labor market is beginning to show cracks, particularly for younger aspirants.
    • The monthly rate of workers with little previous work experience getting jobs has plunged, falling to 13% from its previous peak of 20%, according to Goldman Sachs.
    • “Quite honestly, it was pretty brutal,” one job seeker said. “It felt like a lot of work for little response, little reward.”
    • The hiring rate for all workers is at 3.6% of those counted in the labor force, just off the low of the post-Covid era, according to the Bureau of Labor Statistics. Prior to the pandemic, the hiring rate was last below the current level in August 2014.