Ray A. Smith

speaker

910 appearances 20 recordings 1 series first heard Jun 2018 last heard Nov 2024

Ray A. Smith’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why the Strong Labor Market Is Weak for Many 20-Somethings · 22 Jul 2024 podcast

What that means is basically now that the job market has tightened, those lofty pay raises that people would get from switching jobs or starting jobs even, where you would get sort of incentives to move to somewhere and you would get this high sort of pay bump, more people are holding on to their jobs. matched

And so that lack of turnover... matched

installing hiring even more. matched

They told me how dispiriting it was. matched

They had felt like they basically invested matched

all this money and time in getting a degree, which is what they were told to do, you know, in order to get themselves a job in their field. matched

And then they graduate and it's crickets. matched

And they told me they went through self-doubt and contemplated taking jobs at like retail stores and matched

fast food restaurants even. matched

One, an English major told me he ended up getting a job as a substitute teacher. matched

And then when that ended, he now works as a cook and a dishwasher at a local cafe in Chicago. matched

You know, right now he's considering going back to school, to grad school, in the hopes that maybe by the time he finishes, the job market will be better. matched

It's interesting that you ask that because hiring for roles that usually require a bachelor's degree in general, they've dropped below 2019 rates. matched

And that drop has been even steeper for 20-somethings. matched

One of the shifts in investments has been in companies devoting more resources to AI, in particular generative AI. matched

That's a technology that many fear could shrink the need for traditionally high-demand workers, such as coders and data analysts and bookkeepers. matched

But that's also going to probably affect a lot of entry-level jobs that college graduates are applying for or would have applied for pre-AI jobs. matched

A lot of AI technology can now handle many of the responsibilities that would previously be hired by entry-level workers. matched

And so many companies are shifting a lot of resources to Gen AI, and that's expected to have a big effect on entry-level work and ultimately can reduce the demand for entry-level workers for those roles impacted by AI. matched

Some told me that they were basically thinking about going back to school and getting graduate degrees. matched

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