The unemployment rate has remained below 4% for 30 months, but some individuals, known as NEETs, are choosing not to participate in the workforce due to economic discouragement. Younger candidates, referred to as the “new unemployables,” are struggling to find employment, with the youth unemployment rate at 9%. A significant portion of young adults in the U.S. are neither working nor learning new skills, with about 11.2% being considered NEETs. This trend is more prevalent among young men due to declining opportunities in traditionally male occupations.
A “perfect storm” has led to a surplus of highly trained workers, creating a situation of “talent hoarding” where employers are holding on to existing talent instead of hiring new employees. This has resulted in fewer job opportunities even for qualified candidates. Job prospects for the class of 2024 have decreased, with stretches of unemployment lengthening and the number of long-term unemployed individuals increasing.
Despite these challenges, there are ways for individuals to improve their employability. Reaching out to former employers or colleagues, writing about industry topics, and updating resumes with relevant keywords can help make job seekers more visible to potential employers. Additionally, considering lower positions to gain skills for future advancement, known as a “career lattice,” can be a valuable strategy for finding employment in a competitive job market. Overall, while the job market may be challenging, there are steps individuals can take to increase their chances of finding employment.
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