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Think of today’s labor market as a ladder. Prime-aged workers are climbing steadily, but our youth are finding the lower rungs a bit shaky. Workers in the prime of their career are enjoying historically low unemployment rates, consistent wage growth, and a (mostly) healthy flow of job opportunities. The same can’t be said for Gen Z workers earlier in their careers.
Since the start of 2024, the unemployment rate for younger workers has climbed by more than two percentage points, leaving many struggling to gain stable footing in an otherwise resilient labor market.
What’s driving this change?