By coinnews 
00:00:02 Speaker A
Recent college grads are finding it increasingly difficult to find jobs, and the gap between them and the national average is growing. Joining us now for more is Yahoo Finance market reporter, Josh Schafer.
00:00:15 Josh Schafer
Hey Josh, yes, so we talk a lot about the unemployment rate in America being relatively low. So the unemployment rate that we’re looking at on our screen here is in green. It is 4.2%. If you look over time, that is a historically low unemployment rate. But when we zoom into this chart that we’re looking at here, we’re seeing an interesting trend on who is having a hard time finding a job. So in our white line, we have recent college graduates. Recent college graduates constitute, uh, individuals that are 22 to 27 that just got a degree. Notice the white line typically goes underneath that green line on your screen. So typically it’s moving lower. Normally those folks are having an easier time finding a job. But when you zoom in to what’s happening right now, you’ll see that college graduates are actually having a harder time finding a job than the national average. Two key things to point out with this data. So the folks over at Oxford Economics told me one of the big things we’re seeing is AI is definitely playing a little bit of a role here. So AI could be taking in entry-level analyst jobs, entry-level jobs in tech. There’s less jobs for these newcomers coming into the job market. Another key piece of this chart in 2022 is when we saw this shift. A lot of college graduates have been going to get a science degrees over the last couple years, right? They’ve been going into tech. Well, now what’s happened since 2022, we’ve had that year of efficiency from meta and really across tech. There’s less jobs in tech now than there used to be. The folks over at indeed told me they’ve seen a 40% drop in job postings for computer software jobs compared to 2020. So again, there’s simply less jobs for people coming into tech right now. So graduates are graduating, they’re looking for jobs, they’re looking for jobs and they’re continuing to not find them as quickly as they used to.
00:03:32 Speaker A
So Josh, part of this, it sounds like is, is the jobs that they’re targeting, you’re saying?
00:03:42 Josh Schafer
Yes, definitely. It’s definitely something that we’re seeing specifically in tech, and then when you look at how many college graduates are getting a degree in something like information technology, something like computer science. We had sort of skewed because of this big tech boom over the last 20 years, everyone wants to go get into tech, right? Go learn to code now. Well, that’s been a shift because some of those jobs are simply being taken, like I said, by AI, or are now being not offered anymore because these companies are trying to slim down. So it’s specifically right now seems to be perhaps a tech sector focus. But economists did tell me that this is one reason that the overall unemployment rate is not expected to be falling anytime soon.
00:04:37 Speaker A
All right, thank you, Josh.