The share of Americans who have been unemployed for six months or more is growing, according to the Bureau of Labor Statistics.
"Official numbers" suggest a "relatively stable" labor market. Job growth in January was more than what economists had anticipated and unemployment fell (ever so slightly) to 4.3%.
However, the "share of people who’ve been out of work for six-plus months has been rising for the last three years."
25% of the total number of unemployed Americans have been looking for work for six months or more. "In most cases," indivisduals that are long-term unemployed will have "exhausted their unemployment insurance benefits."
Why is the share of long-term unemployed Americans on the rise? Job openings have been in a decline since the "hiring boom of 2022."
The decline in entry-level roles is having an impact on young workers in particular.
What's it like to be unemployed for six months or more? (Spoiler alert: Not fun.)
Those who have experienced it tell CNBC "the experience has chipped away at their confidence and made them question their career decisions."
While they say they are "doing everything by the job-searching playbook, and even trying new methods, but still nothing seems to be working."
Some say they have had to find part-time work. Others "have moved in with family."
Long-term unemployment can be a blow to confidence and self-esteem.
The lack of transparency from employers in the hiring process doesn't help, job seekers say.
The psychological impact is real:
Long-term unemployment can have a negative impact on both "psychological and physical wellbeing."
Experts say "emotional impact of unemployment can be profound."
Unemployment (even short-term) "can result in depression, anxiety, increased marital strife and a greater risk of substance use problems."
Unemployment is becoming more of a status quo versus a temporary position for workers who find themselves out of their job."
Read more via CNBC, The New York Times
Faced with a serious shortage of pharmacists, Walgreens is covering the cost of prerequisite courses for employees who want to pursue the profession.
The shortage is real: Pharmacy school applications dropped by more than 64,000 between the 2011-2012 and 2021-2022 school years, with open pharmacist jobs now outnumbering expected graduates.
Walgreens' pilot program is growing: Walgreens' PharmStart pilot started in 25 states for nearly 10,000 full-time employees. As of January, just over 1,000 workers were accepted and 221 were taking classes. The company just expanded it nationwide.
What Walgreens covers: Workers get free prerequisite courses (all can be done online) and can earn an associate degree in Biological Sciences. The company also offers up to $40,000 yearly for pharmacy school if workers commit to four years at Walgreens after getting their license. Average pharmacy school debt exceeds $170,000.
Read more via HR Brew
Elon Musk is skipping traditional resumes and cover letters for Tesla's AI chip design team, asking only for three bullet points describing the hardest technical problems applicants have solved.
To join Tesla's Dojo3 AI supercomputer project, applicants submit "3 bullet points on the toughest technical problems you've solved." Musk used similar tactics at the Department of Government Efficiency and at X, preferring conversation over credentials.
Almost three-quarters of companies now use skills-based assessments during hiring, up sharply from only 56% the year before, according to TestGorilla's survey of 3,000 employees and employers.
Hiring expert Dr. John Sullivan told Fortune that AI makes all resumes look identical and perfect. "When every resume is perfect, has no spelling errors, flaws of any kind, imagine how many you have to sort."
Read more via Fortune
