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A look at latest job market for new graduates

For the thousands of Arkansans graduating and prepping for the next phase of life, many are likely looking for a job— but how's the market right now?

LITTLE ROCK, Ark. — For the thousands of Arkansans graduating and preparing for the next phase in life, many are likely looking for a job.

"This is one of the best years to be a recent graduate," UA Little Rock Economist Michael Pakko said.

He said the unemployment rate in Arkansas has fallen to a record-low 2.8%.

"That's the lowest rate on record since they started collecting these statistics in 1976," Pakko said.

According to Pakko, it's a rate indicating plenty of jobs in the market.

"A lot of the job openings we're seeing the most growth is in those sectors that were the hardest hit by the shutdowns and during the pandemic," Pakko said.

The U.S. Bureau of Labor and Statistics reported that leisure and hospitality jobs were cut in half during the onset of the pandemic. 

Pakko said the main problem for most people is not finding a job.

"Most employers are finding it difficult to find qualified employees at any level," Pakko said. "Whether it's a recent high school graduate, college graduate, or experienced worker."

He said people looking for a job in tech might also run into some issues.

"The tech sectors have recently laid off many young workers," Pakko said. "Scaling back their labor force."

Pakko said the expected economic slowdown and rising unemployment rates this year haven't happened, which is hopeful news for people seeking a job but having difficulty getting hired.

"If you don't find a job that's exactly a fit for your interests and expertise, there are probably opportunities shortly to continue to try to find something better," Pakko said.

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