The frozen job market is dire for entry-level workers

Data: Indeed Hiring Lab; Note: Junior postings contained the keywords "junior" and "associate"; Chart: Axios VisualsJob postings are down from last year, per the latest data from jobs site Indeed.com.Why it matters: That's not great news for folks looking to switch jobs, but for new graduates trying to break into the labor market — it's a dire moment.How it works: The number of job listings overall on Indeed.com dropped 7% in August from a year ago — the same as the number of job postings for entry-level workers.Even though the numbers are the same — they hit different depending on where you are in your career. If you're someone who already has a job, then you'll be "hugging" tighter to your current role, faced with fewer options.New grads have no current role. "Getting into the labor market is incredibly difficult," says Allison Shrivastava, an economist at Indeed Hiring Lab.Between the lines: The prevailing wisdom is that the job market for college graduates is uniquely bad, and there are fewer opportunities for younger workers — but that's not quite right, Shrivastava says.The entire job market is actually pretty bad. While unemployment is still relatively low by historic standards, there are few job openings and hiring is weak.Across almost every sector that Indeed tracks, job postings are down from last year. The only exceptions? Listings for physicians and surgeons are up 3.2%, and listings in banking and finance (up 4.7%)This frozen situation matters more to those without employment. It's why you're seeing higher unemployment rates for recent college graduates versus overall.Reality check: Job listings are still up very slightly from pre-pandemic levels.Stunning stat: Listings for jobs in scientific research and development on Indeed are down nearly 25% from last year, the most in any category, likely a result of the pullback in federal spending and federal layoffs. The intrigue: Some industries are actually worse for recent graduates than they are for senior positions. In tech, where AI adoption is taking off and seen as a replacement for entry-level coding jobs, senior roles make up a bigger share of job listings overall. It's the flip side of an industry like retail, where there are loads of jobs at the bottom and few at the top.The bottom line: The job market is a lot like the real estate market right now. If you are lucky enough to have house or a job, you're doing OK.Everyone else is facing big barriers to entry.

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