No‑Hire, No‑Fire Job Market

Top economists and the Fed chair say the U.S. youth job crisis stems from unusually low turnover: firms aren’t firing much—but they’re not hiring either. Job reallocation has trended down since the late 1990s, and young workers now take longer to land roles as entry points shrink. Europe and Japan aren’t seeing this spike, suggesting a U.S.-specific dynamism problem. — This reframes Gen Z unemployment from AI panic to declining labor dynamism, pointing policy toward boosting churn, entry‑level pathways, and job creation rather than solely regulating technology.