U.S. economists warn that the bleak outlook on the job market isn’t going to change any time soon as unemployed Americans continue to struggle.
The Bureau of Labor Statistics released a report this month that shows 25% of Americans who’ve been unemployed have been without work for six months or more. Additionally, the U.S. unemployment rate reached 4.3% in August – the highest its been since October 2021, the report says.
“The economy is slowing,” said Sung Sohn, a professor of finance and economics at Loyola Marymount University. “Simply, businesses are more cautious about hiring people because of uncertainty related to the whole economy.”
In August, the U.S. added 22,000 jobs, a month after the economy lost 13,000 jobs in June – the first month of job losses since December 2020, the report says. According to Sohn, economic uncertainty and new technology are to blame for the stagnant economy.
“AI (artificial intelligence) is replacing many entry-level jobs,” he said. “As a result, many young people – they’re not getting the kind of opportunity they’re used to getting in the past.”
Monique de Brito Guedes said she’s all too familiar with the frustrating job market. The mother of two has a master’s degree in education and since getting laid off in March, has only had a handful of interviews.
“I just looked at my spreadsheet because I keep it all organized and I have about 56 that I recorded, job applications out,” she said. “I’ve probably had about maybe 12, 10 interviews.”
Guedes said she’s worried she may have to sell her home in San Diego and move where her future job will take her.
As job seekers continue to navigate the tough market, economists recommend they network with former colleagues, friends and family.
To see the Bureau of Labor Statistics’ report, click here.
Source: NBC Los Angeles
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