Nick Martell

But the fascinating key, the unemployment rate for young people working non-remotable jobs, you must be in person, actually fell in the last five years.

So the early takeaway here is that AI didn't take that job.

Work from home did.

Zooming in can't boom you up.

The data basically calls remote work a hangover from the pandemic.

But there's one particular catch to that, Jack.

The revelation that remote workers have higher unemployment rate than in-person workers, it's only true for young workers.

That's right.

Older workers in remotable jobs, they did not have a higher unemployment rate.

It was basically the same situation for them.

And the Fed thinks that one word explains why work from home hurts young workers, but not older workers.

Yeah, it's one word.

Training.

Training and mentorship.

The Fed hypothesizes that big companies don't want to hire a kid fresh out of college for a remote job.

Because you can't train that 22-year-old through Zoom like you can if they're right there with you in the office.

And the kid can't casually grab a cappuccino to pick your brain for an hour during that lunch break like we all did.

Jack, why don't you tell the Yetis what the Fed said specifically about this phenomenon?

We show that when people work next to their colleagues physically, they receive more feedback on their output and more mentorship.

And when they are separated, even by a short distance, that feedback tapers off dramatically.