We can't really blame the young people for this because technology is to blame for its contribution of making some of these traditional jobs redundant as many companies cut running costs of a business, and if these jobs are there it means they being reserved for a select few that have extensive experience that will leave out millenials still searching for jobs that's to lack of experience in the job industry, and worse off the pandemic, the Russia Ukraine war, Pump prices going up etcetera have all contributed to most of these traditional jobs to be downsized as companies try to work with the little available resources available...
I also think young people have run the numbers and found other markets that can pay them way better than traditional jobs which has made a lot to flock in such markets such as influencer marketing, YouTubing, trading, Bitcoin mining etc and I think its time to embrace the change and see how far it takes us.
its overall tough situation, but the current unemployment overall is better than when we still around pandemic where it literally making people losing their job by massive amount as you can see from the statistic according to
https://ourworldindata.org/grapher/unemployment-rate?tab=chart alone its obvious that within the span of 2019 - 2021 there are many people getting unemployed it nearing the rate at that time when there's global economic crisis.
overall I think as you said the fact that unemployment rate could also mean that the people with experiences are getting their job back with their extensive experience its easy to get a foot hold again after the massive lay offs meanwhile for the newer generation with no extensive experience are the one that probably as of now remains jobless.
the current job requirement is getting harder and harder to meet and the entry job level is getting scarce its actually scary to be just graduating out of unversity right now and seeking job only to find none and next year already having less value than the newer graduates.
I think as you said, venturing other creative sectors out there such as a non conventional jobs of 9-5 such as trading, investing and so on become a must these days.
its the only viable way of earning that side hustle income while also seeking for a job that brings financial stability.
I still remember how there was hiring spree back in the days of the pandemic in the sector of technology while other sector is having massive cut downs in operational of various companies that make many people unemployed but right now things got reseved, the technology related industry is laying off many people for the sake of cutting down operation meanwhile the other sector starting to add more workforce into their companies.
being flexible and highly adaptive is a must these days, otherwise we just gonna earn nothing.