For the first time since the New York Fed started tracking these numbers in 1990, a recent college graduate is more likely to be unemployed than American workers in general. Unemployment for recent grads held at about 5.6 percent this year, up from under 4 percent before the pandemic.
Depending on who you ask, artificial intelligence is either about to make this far worse or create tens of millions of new jobsin the next decade. It’s too early to be too confident on either side of the debate. But whoever’s right, young people are already struggling with a strong on-ramp to work.