Frozen job ladder: The entry-level employment conundrum in the US

Something has changed for young workers in the post-COVID labor market in the US. Recent college graduates (aged 22-27) face the highest unemployment rate of the decade, around 5.6%—unseen since 2015. There’s also been an uptick in the underemployment rate for this age group. The rate of people working jobs that don’t require associated credentials has hit more than 41%. At the same time, the national unemployment rate is notably lower at 4.3%. The employment-to-population (E/P) ratio for workers aged 22 to 27 rose sharply after the pandemic, but stalled in 2022, peaking near 76% before drifting down to roughly 74%, where it has remained for the past two years. Experienced workers (30-54 years) experienced a similarly rapid initial recovery but have continued to improve, bringing their E/P ratio to 81% currently.

Frozen job ladder: The entry-level employment conundrum in the US. Something has changed for young workers in the post-COVID labor market in the US. Recent college graduates (aged 22-27) face the highest unemployment rate of the decade, around 5.6%—unseen since 2015. There’s also been an uptick in the underemployment rate for this age group. The rate of people working jobs that don’t require associated credentials has hit more than 41%. At the same time, the national unemployment rate is notably lower at 4.3%. The employment-to-population (E/P) ratio for workers aged 22 to 27 rose sharply after the pandemic, but stalled in 2022, peaking near 76% before drifting down to roughly 74%, where it has remained for the past two years. Experienced workers (30-54 years) experienced a similarly rapid initial recovery but have continued to improve, b...