This past summer, young people worked at a rate we haven't seen in half a century. The summer unemployment rate hit 8.5% in July 2022. That is the lowest rate since at least July 1966.
This past summer, young people worked at a rate we haven't seen in half a century. The summer unemployment rate hit 8.5% in July 2022.
That is the lowest rate since at least July 1966, according to historical data from the Bureau of Labor Statistics. "I didn't go to a single seasonal place that didn't have a help wanted sign out in front," said Scott Blumsack, chief strategy officer at Monster.It remained steady in other industries typically associated with summer work, like retail and hospitality.The U.S. unemployment rate was 3.5% in July, and there were nearly two open jobs for every person seeking work.
"There's still a large gap between the number of people looking for work and the amount of job postings that are out there," Blumsack said."It's going to take a while for those two things to come back into balance."The labor force participation rate, which dropped dramatically at the start of the pandemic, remains lower than 2019 levels.Some workers are concerned about their health amid the continued spread of COVID-19.
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