The challenging U.S. labor market is entering a new normal, according to Goldman Sachs economists David Mericle and Pierfrancesco Mei, who tackled the phenomenon of "jobless growth" in an October 13 note. It resonates with what Federal Reserve chair Jerome Powell memorably described in September as a " low-hire, low-fire " labor market and the fact that, for some reason, "kids coming out of college and younger people, minorities, are having a hard time finding jobs."