Overview

• July data show 13.4% of the unemployed were first-time jobseekers, the highest share since 1988, according to the Richmond Fed’s analysis of BLS figures.
• The long-term unemployed accounted for 25.2% of all jobless workers, the largest share since February 2022.
• The unemployment rate for college graduates ages 22–27 has hovered near early-2010s levels, excluding the 2020 pandemic disruption.
• Overall unemployment remains relatively low at about 4.2%, yet hiring for entry-level roles has been notably restrained.
• Richmond Fed economist John O’Trakoun calls the environment a “double-whammy” for Gen Z, with many who began college during lockdowns now facing a sluggish job market.