Sean Wittmeyer would seem to be highly employable. He has more than a decade of experience in architecture and product design, impressive coding chops and two master’s degrees. His skills make him an asset in two industries, technology and construction, which helped power the economy’s growth over the last 15 years.
But construction activity has faltered since 2023, after the Federal Reserve began raising interest rates, and many tech companies began layoffs around the same time.
That helps explain why Mr. Wittmeyer, 37, has been unemployed for a year and a half, since he lost his job in business development for a company that makes software to help with real estate projects. He has been so eager to earn income that he has applied for positions befitting an intern, only to be told he was overqualified. “I can’t even work at the little board game store down the street,” he said.
When the federal government released its August employment numbers on Sept. 5, the overall unemployment rate was still relatively low, at just over 4 percent. But underneath was a concerning statistic: The portion of unemployed people who have been out of work for more than six months, which is considered “long-term,” rose to its highest share in over three years — to nearly 26 percent.
A decade ago about 20% of the long-term unemployed were college grads. Today it's about 1/3. And the long-term unemployment rate for college grads has been rising pretty quickly the last two years. https://t.co/PDZfBhUB73 pic.twitter.com/cLFXsQrUpb
— Noam Scheiber (@noamscheiber) September 15, 2025