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There has been a rise of both remote work and youth unemployment since the COVID-19 pandemic—and new research suggests that the two trends are connected, according to the Federal Reserve Bank of New York.
In an analysis published on June 1, New York Fed economists found that the unemployment rate for college graduates younger than 29 increased to 3.7 percent in 2022–2024 from 3.1 percent in 2017–2019. Over the same period, unemployment among more experienced college graduates aged 29 and older edged down to 1.8 percent from 1.9 percent.
At the center of this divergence is what researchers called “remotable” jobs, such as software engineering, financial analysis, and other desk-based work that can be performed off-site, versus “non-remotable” ones that demand physical presence, such as nursing, mechanical engineering, and many hands-on technical fields….
In an analysis published on June 1, New York Fed economists found that the unemployment rate for college graduates younger than 29 increased to 3.7 percent in 2022–2024 from 3.1 percent in 2017–2019. Over the same period, unemployment among more experienced college graduates aged 29 and older edged down to 1.8 percent from 1.9 percent.
At the center of this divergence is what researchers called “remotable” jobs, such as software engineering, financial analysis, and other desk-based work that can be performed off-site, versus “non-remotable” ones that demand physical presence, such as nursing, mechanical engineering, and many hands-on technical fields….
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