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Technology companies are cutting thousands of jobs in part to offset major investments in AI.
From 2004 to 2024, the number of college completions in the U.S. rose by 54%, while entry-level jobs for those graduates grew by only 42%, according to analytics firm Lightcast.
The Federal Reserve Bank of New York recently found that the unemployment rate for recent college graduates has surpassed the unemployment rate for all other workers.
The Federal Reserve of New York found that 42% of U.S. college graduates aged 22 to 27 were underemployed last year, the highest level since the pandemic.
According to the job search site Indeed, junior-level job postings fell 7% last year.
According to U.S. Labor Department statistics, new job creation is concentrated in sectors such as retail, warehousing, and healthcare.
The use of AI by job applicants to send mass applications and by companies to filter them has created a dysfunctional hiring process with high application volumes and low employer response rates.
Students from top-tier universities, including Duke, Stanford, the University of Chicago, and Carnegie Mellon, report that their degrees no longer provide a significant advantage in the current entry-level job market.