Although the U.S. unemployment rate has remained below 4% for 30 consecutive months (near an all-time high), not everyone who wants to find a job can find a job. Not even everyone wants to get a job.
Some people are referred to as "NEETs," or people who are "not employed, educated, or trained," and they choose to leave the workforce mainly because they are frustrated with their economic situation.
In addition, according to a recent report by Korn Ferry, there are also highly qualified, often younger, but difficult to find work, who are "newly unemployed".
Alí Bustamante, a labor economist at the Roosevelt Institute and director of the Workers' Rights and Economic Security Program at the Roosevelt Institute, a liberal think tank in New York City, said it was "normal" for the unemployment rate among 16- to 24-year-olds to rise to 9 percent in May.
Bustamante said that although the youth unemployment rate will fall below 7% in 2023, according to the U.S. Bureau of Labor Statistics, such a low level "symbolizes how hot the labor market was at that time."
"With a relatively good economy and relatively low incomes for young workers, a growth rate of 9% is basically what we should expect," he added. ”
"Gnawing old people" feel "left out and left behind"
But some young people in the U.S. are still unemployed and learning new skills.
According to the International Labor Organization, in 2023, about 11.2% of young people between the ages of 15 and 24 in the United States are considered NEET.
In other words, about 1 in 10 young people are "neglected and left behind in many ways," Bustamante said.
Julia Pollack, a labor economist at ZipRecruiter, said young men are particularly unmotivated to work.
"The NEET phenomenon is predominantly male," she said. ”
This is partly due to fewer opportunities for traditional male occupations such as construction and manufacturing, Pollak explained, while "women's enrolment, educational outcomes and employment outcomes are mostly on the rise."
"Hoarding of talents" leads to "new unemployed"
According to the Korn Ferry report, the "perfect storm" has also created a large number of "new unemployed," that is, highly educated workers who have struggled to find job opportunities.
David Ellis, senior vice president, Global Talent Acquisition Transformation, Korn Ferry, said: "Employers are retaining existing talent and are increasingly focusing on mobility. ”
He said this "talent hoarding" phenomenon has led to fewer vacancies for even highly qualified candidates.
At the same time, companies are scaling back on hiring for new hires, which is also limiting entry opportunities for new hires.
Pollack said that while youth employment is at its highest level in more than a decade, young people in their 20s struggle to find work. "The labor force participation rate of young people aged 20 to 24 fell significantly during the pandemic, and they have lagged behind in employment ever since."
Overall, hiring projections for the Class of 2024 are down 5.8% from last year, according to a report by the National Association of Colleges and Employers (NACE).
As more job seekers compete for fewer and fewer positions, so do the periods of unemployment. Korn Ferry found that the number of people who have been unemployed for more than six months has increased by 21 percent.
From "unemployable" to "employable"
Despite these trends in the job market, "everything hasn't been lost yet," Ellis said.
"Don't wait to reach out," he advises. "Reconnect with your former employer or colleague via LinkedIn or email and schedule an informational interview. After the initial contact, ask for any job leads or contact details.
At the same time, make yourself more visible by writing about noteworthy topics in the industry and updating your resume to include keywords and so-called "title tags" (highlighting important elements at the top).
Finally, Ellis also advises not to limit yourself to positions that lead to promotions or raises. Instead, aim for a "career grid," which may mean taking on lower positions to gain skills that will pay off later.
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