Economists agree that the nightmare of hiring Generation Z is real

https://finance.yahoo.com/news/top-economists-jerome-powell-agree-123000061.html

by 01-_- • 10 months ago

31 15 10 months ago

finance.yahoo.com

greyb• 10 months ago

Sources mentioned in the article.

[1] Powell's remarks: https://www.federalreserve.gov/mediacenter/files/FOMCprescon...

[2] The kids are alright?: https://secure.ubs.com/global/en/wealthmanagement/insights/c...

jt2190• 10 months ago

Goldman Sachs economist Pierfrancesco Mei wrote on Thursday that “finding a job takes longer in a low-turnover labor market.” He argued that “job reallocation,” or the pace at which new jobs are created and existing ones destroyed, has been on the decline since the late 1990s… Almost all job changes between existing jobs is taking place as “churn,” driving “almost all the variation in turnover since the Great Recession.” Goldman found that as of 2025, churn was well below its pre-pandemic levels, a “broad-based” pattern across industries and states, and this “mostly fall[s] on younger workers.” In 2019, it took a young unemployed worker about 10 weeks to find a new job in a low-churn state, now that’s 12 weeks on average.

never_inline• 10 months ago

maybe a good thing because gen Z will send all your code to ChatGPT.

wagwang• 10 months ago

Remote work is a detriment to almost every junior employee.

sgnelson• 10 months ago

"learn to code."

stego-tech• 10 months ago

As a millennial who graduated into the Great Recession job market and, in the span of 2007-2011 cited in the article, went from datacenter worker to delivering pizzas to government contract to 15 months unemployment, the scarring effect is absolutely real and still hinders my potential today.

Knowing younger folks are going through similar shit again incenses me. Two entire generations of young workers effectively f*ked out of early career and wage growth due to bad policies, lax regulations, and strong shareholder incentives compared to other economies, yet people are still balking at the prospect of anything other than further weakening of the status quo to enrich the old and the wealthy at the expense of the young and the poor.

Reprehensible. Those in power are failing the youth of today and tomorrow by engaging in petty squabbling and naked partisanship instead of practicing good governance. What we need are worker protections that prevent layoffs from profitable firms, regulations that promote job growth instead of shareholder value, wages that grow the middle class from the bottom up instead of top-down, job programs and guarantees for the unemployed, and immigration policies that promote domestic hiring first and naturalization instead of precarity for foreign experts brought in to private enterprises.

potato3732842• 10 months ago

Both parties more or less unanimously sold out the long term health of our economy, engaged in unsustainable spending, burnt credibility in foreign wars, got in bed with big business to the detriment of everyone else.

At some point it's not the politicians, it's the people they're pandering to.

punkbit• 10 months ago

Another millennial here, the situation in Lisbon/Portugal during the period was very bad. But today in London, most opportunities I’m finding are in AI startups, some lead by very young people. Overall the job market is terrible at the moment for everyone.

bsder• 10 months ago

Those in power are failing the youth of today and tomorrow by engaging in petty squabbling and naked partisanship instead of practicing good governance.

So maybe these unemployed youngsters will actually show up and vote for a switch?

dh2022• 10 months ago

Youngsters did vote for a switch: young male voters put Donald Trump back in the White House: https://www.npr.org/2024/11/12/nx-s1-5181804/young-men-helpe...

fzzzy• 10 months ago

Guess what? You also went through it again after it had just happened to gen x in the dot com crash!

djohnston• 10 months ago

Perhaps it's always intragenerational bad luck that bites us. There must always be some unluckliest subgroup.

pyuser583• 10 months ago

Same boat. It was terrible graduating in the aftermath of the crisis.

But they economic growth of the 2010s made up for it in a big way.

My parents gave similar stories graduating in the late 1970s.

I remember NPR saying my generation would always be poor. Now we are portrayed as aristocrats, with unearned stock market and real estate wealth.

The next generation has tough trials before them. Maybe, like my generation, my parents generation, and grandparents generation, they will be called to war.

But they will have opportunities as well.

somethingsome• 10 months ago

central bankers, and labor market analysts signal that this appears to be a uniquely American challenge.

I wouldn't say it's an uniquely American challenge. In Europe many Gen Z fail to land a job or stay at that job. Many still live with their parents and don't plan to leave or have a job

mannyv• 10 months ago

Chinese youth unemployment is so high that at one point China stopped publishing statistics.

I believe they're back, with a new methodology.

Economists agree that the nightmare of hiring Generation Z is real

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