Gen Z graduates have seen faster recovery and wage growth in the labor market compared to previous generations, according to research by the Economic Policy Institute. Recent college grads have found good jobs with inflation-adjusted wage growth, thanks to aggressive fiscal policy responses to the pandemic-induced economic shock. In contrast, millennials who graduated during the 2008 recession still face wage gaps and career setbacks, leading to delayed major life milestones. Despite their successes, Gen Z is also taking on more debt than previous generations at their age, and future hiring projections are down, casting uncertainty on their economic prospects.
The return of trader Keith Gill, also known as Roaring Kitty, on social media sparked a surge in GameStop shares, with short sellers facing significant losses. AMC Entertainment and Reddit shares also experienced increases, while Robinhood Markets, known for suspending purchases of meme stocks during the 2021 frenzy, saw a rise in its stock price as well. Gill’s post featuring a cartoon gamer led to multiple trading halts for GameStop shares. The situation reignites concerns about market volatility and the influence of social media on stock prices.
Despite Shein’s promises to address excessive working hours in its supply chain, a new report by Public Eye reveals that workers in some factories supplying the Chinese fast-fashion company are still working 75-hour weeks. The investigation found that staff worked long hours, with few breaks, indicating ongoing abuse in Shein’s supply chain. Shein responded by stating that they do not recognize many of the allegations in the report and emphasized their commitment to improving their supply chain practices. This raises questions about ethical labor practices in the fashion industry and the impact on workers’ well-being.
The labor market for recent college graduates is currently stronger than before the pandemic, with faster recovery and wage growth. Gen Z graduates are finding good jobs, experiencing inflation-adjusted wage growth, and avoiding the chronic underemployment faced by previous generations. However, challenges such as racial and gender wage gaps persist, along with increased debt levels and uncertainty in future hiring projections. The economic prospects for Gen Z remain mixed, with both positive outcomes and potential hurdles to navigate in the coming years.
The resurgence of GameStop shares following Keith Gill’s social media post highlights the influence of individual traders and online communities on stock prices. Short sellers faced significant losses, while other meme stocks such as AMC Entertainment also saw increases. Robinhood Markets, which previously suspended purchases of meme stocks, experienced a rise in its stock price as well. The incident underscores concerns about market volatility and the impact of social media on investment decisions, raising questions about regulatory oversight and investors’ behavior.
Despite efforts to address working conditions in its supply chain, Shein continues to face allegations of excessive working hours in some of its factories. Public Eye’s investigation found that workers were still working long hours, indicating ongoing issues in Shein’s labor practices. Shein responded by expressing skepticism about the report’s findings and emphasizing their ongoing efforts to improve their supply chain. The situation underscores the challenges of ensuring ethical labor practices in global supply chains and the need for greater transparency and accountability in the fashion industry.
