Gen Z experiences high unemployment and economic challenges

Gen Z is facing high unemployment and low hiring rates, with the jobless rate for those aged 20-24 rising to 8.3%. This is a significant increase compared to older workers, who have seen smaller changes in their unemployment rates. The job market has remained stagnant since mid-2023, with hiring rates similar to those seen after the 2008 recession. Concerns about artificial intelligence replacing entry-level jobs add to the challenges for young workers, many of whom feel stuck in their current positions. Additionally, rising costs for education, housing, and living expenses have led many Gen Zers to prioritize immediate experiences over saving for the future. The median age for first-time homebuyers has reached a record 38 years, highlighting the financial struggles faced by this generation.