Finding a job is getting tougher as AI and fake openings muddy the hunt.

Unemployment hold music… is becoming an earworm. The number of Americans receiving recurring unemployment benefits climbed this month to its highest level since November 2021. Yesterday the Labor Department said 1.84M people filed continuing claims in the week ended June 15. While economists say we shouldn’t overanalyze weekly claims #s, the uptick could be one of several signs that finding a job is getting harder.

So long, 3’s: The unemployment rate hit 4% in May, eclipsing the 3% range for the first time in 27 months (the longest streak since the ’60s). In April, job postings hit a three-year low. The labor market’s still relatively hot, but it appears to be wading into cooler waters.

Gen Z blues: Nearly 8% of 20- to 24-year-olds were unemployed in May, up from 6.3% a year earlier. That’s the biggest leap in 14 years. Only 13% of entry-level applicants have found work so far this year, down from 20% two years ago.

LinkedIn, ticked off… A few factors could be contributing to the tougher job hunt. Nearly 40% of hiring managers recently surveyed by Resume Builder said they’ve posted fake-job listings in the past year — which, if accurate, could be swaying strong job-openings figures. 85% of managers who post “ghost” jobs said they’ve interviewed candidates for roles they didn’t plan to hire for. Meanwhile, AI tools used to speed up hiring and applying have created a jobs-board bot battle. Jobs platform Greenhouse said that in January recruiters reviewed about 70% more applications than last year.

A gentle landing can be hard on some… The Fed’s rate moves seem to be successfully cooling the labor market while not destroying the economy. It’s soft-landing territory, but it doesn’t mean it’s comfy for everyone. Even with 1.5M more US job openings than unemployed folks, finding the right role, salary, location, and flexibility is challenging, and fake jobs and AI aren’t making it easier.
— Read on sherwood.news/snacks/power/finding-a-job-is-getting-tougher-as-ai-and-fake-openings-muddy-the-hunt/