New labor data not comforting for young men

 Shortlysts-  New labor data shows a troubling reversal in the fortunes of young men with college degrees. Men aged 23 to 30 who recently graduated are facing an unemployment rate of 6%. This is notably higher than the 3.5% rate for young women and the 4.2% national average for all workers last month.  

Even more alarming, young men with a bachelor’s degree are now slightly more likely to be unemployed than their peers without one. This upends decades of conventional wisdom that a degree guarantees better job security.

The divide stems from industry-specific trends. Over the past six months, the few sectors adding jobs—healthcare, hospitality, and education—are dominated by women. Meanwhile, male-heavy industries like business and tech have been hammered by mass layoffs and hiring freezes.

The numbers tell a story about a labor market that unevenly rewards different skill sets and industries. In 2023, the median entry-level salary for a nurse was $65,000, according to the New York Fed, compared to $80,000 for a computer scientist. Women are more likely to find jobs now, but often in fields that pay less. Men are chasing higher-paying roles, but those roles are disappearing or harder to land.