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The Indicator from Planet Money

Jobs Friday: Gen Z and the scars of recessions past

The Indicator from Planet Money

NPR

Business

4.79.2K Ratings

🗓️ 8 July 2022

⏱️ 9 minutes

🧾️ Download transcript

Summary

Gen Zers, it's time to put the TikTok away and revamp those cover letters. With murmurs of an upcoming recession, what does this mean for the newest entrants into the labor market?

Transcript

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0:00.0

NPR.

0:12.2

This is the indicator from Planet Money, I'm Whalen Wong.

0:15.2

And it is Jobs Friday.

0:17.5

New employment numbers are out today, and the US economy added 372,000 jobs in June,

0:23.9

significantly more than expected.

0:26.2

The unemployment rate is 3.6% holding study from May.

0:31.0

Now, in other months, this might be cause for the Jobs Friday air horn.

0:37.0

But things don't feel so great in other parts of the economy.

0:40.7

Inflation is still high, which is prompting the Federal Reserve to hike interest rates,

0:45.4

which is raising fears that a recession could be on the way.

0:48.9

It's an anxious time, especially for people who haven't been through an economic downturn

0:54.6

as working adults.

0:56.4

People like Jade Walters, who is 22 years old and graduated from Howard University last

1:01.8

year.

1:02.8

This is just so interesting for me, because the new adult that this is all the things

1:06.0

that I'm dealing with, and I'm confused too, and I'm still learning alongside everyone

1:11.8

else.

1:12.8

Jade is a Gen Z career coach.

1:15.4

She shares advice with 29,000 followers on TikTok.

1:19.3

Her generation is entering the workforce just as the recession talk is ramping up, and

1:24.6

there's good reason for Jade and her peers to be worried.

1:28.2

The generation before theirs still bears the scars of the last big downturn.

...

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