Gen Z graduates have seen a faster bounce-back in the labor market and wage growth than any recovery in recent history, according to research by the Economic Policy Institute. The unemployment rate for recent college grads has recovered faster than after the Great Recession, and underemployment for this cohort recovered after just two years. Young grads have also experienced inflation-adjusted wage growth, making the labor market now stronger than before the pandemic due to aggressive fiscal policy responses. This is in contrast to Millennials who still haven’t fully recovered from the 2008 recession, leading to delayed life milestones.
Despite the positive outlook for Gen Z graduates, the EPI study highlighted that racial and gender wage gaps still remain large. Women are paid less per hour compared to men, while Black and Hispanic workers are also paid less per hour compared to white workers. Additionally, Gen Z graduates are taking on more debt than their millennial counterparts did at the same age. Employer hiring projections for the class of 2024 are also down, which hints at potential challenges ahead for these recent grads.
The social media return of trader Keith Gill, known as Roaring Kitty, helped send GameStop shares soaring once again. Gill shared a meme on X featuring a cartoon character holding a video game controller, causing the stock price to jump by 74%. Short sellers incurred significant losses betting against GameStop, while shares of other meme stocks like AMC Entertainment and Reddit also saw increases. Gill’s meme post led to several halts in trading due to market volatility.
An investigation by Public Eye revealed that workers in factories supplying Shein, a Chinese fast-fashion company, are still working excessive hours, up to 75 hours per week. Interviews with textile workers in Guangzhou, China, found that staff worked long hours with no break, raising concerns about labor practices in Shein’s supply chain. Shein responded that they do not recognize many of the allegations in the report and highlighted their ongoing efforts to improve their supply chain practices. The report sheds light on ongoing issues in the global fashion industry related to labor rights.
