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.
