Getting a job is going to get more difficult than it already is for the next few years at least
Unemployment numbers are largely inaccurate to the real crisis of the current job market.
It may be beating a dead horse, but I will reiterate that the way unemployment is calculated is a poor reflection of real unemployment *normally*, which is reflected by lisep's "true rate" which you can see here: https://www.lisep.org/tru
I post that just to add to my larger point, but something different is happening recently: a snowball effect of all true unemployment scenarios, I.E. things not captured by unemployment, that not even lisep is capturing:
- people who have run out of unemployment benefits but still can't find a job
- people who are under employed
- people who have had a salary decrease
- etc
I work in a field where we deal with unemployed, or under employed, folks every day. What I've heard for the past few years, repeatedly, is shock from those who had jobs for a while and just since 2022 have had to find a new one. It's getting harder every year, particularly if you're looking for something with a good salary and benefits. And most people that come to us are in "high-demand" fields (although which fields are high demand is rapidly changing, and I frankly believe there are very, very few high demand fields. Most high demand fields 5 years ago are not high demand today).
I do believe medicine and a few other fields, or perhaps niches, are still high demand. But tech as a whole is getting hit *very* hard, and I can't see an outcome where that changes any time in the next few years.
"Tech" also reaches into fields not always thought of as tech but heavily reliant on technology, like art production, which is also getting rapidly more efficient and garnering more interest.
Simultaneously, companies are looking to cut costs via labor reduction above all else (or, more often, simply freezing hiring as much as possible).
I think this will shift which companies and even industries are performing the strongest in the stock market. As ridiculous as UBI sounded when Andrew Yang was running on it, I'm curious whether it will get another serious look as we move forward into a world where corporations need less employees. I'm doubtful it will happen, but it's possible. Maybe some very tiny version of UBI, or more likely, some other type of increased social benefit. I do expect there to be an increase in immediate social benefits and a decrease in long term safety nets such as SSI. "we have this today, so you can have this today. I can't make promises about tomorrow."
I think we may see more winner takes all, as corporations with solid infrastructures run away with AI.
None of this is anything that nobody saw coming. It's just finally here. And I think what we didn't didn't necessarily expect was this shift *without* a benefit to everyday folks or a safety net of *some* kind. But I'm a little concerned that's where we're headed.