"Speaking at his regular press conference following the Federal Open Market Committee meeting, Powell called it "an interesting labor market." He said people "kids coming out of college and younger people, minorities, are having a hard time finding jobs." Overall, the "job finding rate" is very low, Powell said, but then again, so is the layoff rate. "So you've got a low firing, low hiring environment.""
"The Black unemployment rate climbed above 7% in August, while the rate for recent graduates has surged above the overall rate for the first time in recent history. Apollo Global Management Chief Economist Torsten Slok noted that it's actually falling for recent graduates who are female and rising for recent graduates who are men. Slok also noted shortly ahead of the FOMC meeting that America has more unemployed people than job openings: 7.4 million to 7.2 million."
Labor market conditions are challenging for recent college graduates, younger workers, and minorities, with a low job finding rate alongside a low layoff rate, producing a low-firing, low-hiring environment. Black unemployment rose above 7% in August, and the unemployment rate for recent graduates has exceeded the overall rate for the first time. Data show gender divergence among recent graduates, with rates falling for women and rising for men. Nationwide, there are more unemployed people than job openings (7.4 million versus 7.2 million). Rapid corporate AI adoption produced disruptions and weakened entry-level hiring, though AI could raise productivity over the long run.
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