Workers ages 22 to 34 with no college degree are seeing some of their lowest unemployment rates in decades. Meanwhile, their degree-holding compatriots are having one of their worst stretches in years, according to a new analysis from the Burning Glass Institute reported by the Wall Street Journal.

“I don’t think it’s a temporary thing,” says Gad Levanon, Burning Glass’s chief economist.

The reason? Part of it comes down to basic supply and demand. Skilled trades are short on workers as older generations retire and immigration restrictions shrink the labor pool. At the same time, more Americans than ever are graduating college, right as AI takes over the entry-level tasks companies used to hire new grads to do.

The news isn’t all bad for degree holders. They still have an easier time finding work in absolute terms: their unemployment rate sits at 2.7%, compared to 4.7% for workers with only a high school diploma. But historically, those with degrees are having a bad run, while those without one are having one of their best.

Workers ages 22 to 34 with no college degree are seeing some of their lowest unemployment rates in decades. Meanwhile, their degree-holding compatriots are having one of their worst stretches in years, according to a new analysis from the Burning Glass Institute reported by the Wall Street Journal.

“I don’t think it’s a temporary thing,” says Gad Levanon, Burning Glass’s chief economist.

The reason? Part of it comes down to basic supply and demand. Skilled trades are short on workers as older generations retire and immigration restrictions shrink the labor pool. At the same time, more Americans than ever are graduating college, right as AI takes over the entry-level tasks companies used to hire new grads to do.

The news isn’t all bad for degree holders. They still have an easier time finding work in absolute terms: their unemployment rate sits at 2.7%, compared to 4.7% for workers with only a high school diploma. But historically, those with degrees are having a bad run, while those without one are having one of their best.