13% hiring rate decline for young job seekers in a robust labor market.

Young job seekers face challenges in a seemingly robust labor market, with the hiring rate for workers with little previous work experience falling from 20% to 13%. Despite low overall unemployment (below 4% since Jan 2022), the labor market is straining for young entrants. The hiring rate for all workers is at 3.6%, just below pre-pandemic levels.

June 06, 2024
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