Remote work is looking less attractive to Gen Z — and other happenings in the world of work

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Catch up on headlines from the last 7 days.

• Gen Z lags behind other generations when it comes to applying to remote jobs, according to a new LinkedIn analysis. Read more about this below.
• The gender pay disparity has cost American women an estimated $61 trillion since 1967, according to the Center for American Progress. As of 2021, women make 25 cents more on the dollar compared to 1963, when they earned 59 cents for every dollar men earned. At the current rate, it would take until 2056 for the average woman to achieve earnings parity.
• U.S. CEOs are feeling better about the possibility of a soft landing. A Business Roundtable index of executives’ economic expectations for the next six months sits at 76 right now. Readings above a 50 indicate economic expansion. CEOs’ outlook on hiring, however, is steadily dropping.
• Jobless claims jumped last week to 261,000, the highest level since October 2021, in a sign that government jobs data is now reflecting recent layoffs. It suggests a tight labor market is loosening. Read more about where the labor market is tightest below.
• Global economic growth is expected to stay weak. The Organization for Economic Cooperation and Development forecasts that the pandemic, the Ukraine war, inflation and central bank tightening will result in just 2.7% growth this year and 2.9% next year. The global economy grew by an average of 3.4% in the seven years leading up to the pandemic. 
• The U.S. is facing an affordable home shortage, according to the National Association of Realtors. Those earning up to $75,000 a year — the median household income in the U.S. — can comfortably purchase homes priced up to $256,000, but that only represents 23% of the homes on the market. 
• The S&P 500 ended its longest bear market since the 1940s. The benchmark U.S. stock index officially returned to a bull market at the close of trade on Thursday, having risen 20% or more from a low in October 2022.

Take a closer look at recent trending topics — and engage with meaningful conversations happening on LinkedIn.

Gen Z’s interest in remote work lags

• A new analysis from LinkedIn’s Economic Graph team found that 47% of job applications on the platform went toward remote roles in May, compared to 19% for hybrid. But not all generations have the same appetite for those jobs.
• Gen Z, the analysis found, is the least likely among all the generations in the workforce to apply for remote roles — and their interest has been slowing since this time last year. One potential reason? The oldest Gen Zer is only 26, and either only has a couple years of pre-pandemic work experience or has yet to experience office life at all after having their in-person education disrupted by the pandemic. 
• College student Valeria Tessman noted that she “missed connecting with people in real time” as she started her degree virtually. She thinks her opportunities for networking and overall career development are stronger in on-site roles. This tracks with the wider sentiment. An Axios survey found that 74% of younger workers are worried about missing out on a feeling of community due to remote work and 41% are concerned about mentoring possibilities.
• Meanwhile, those that prefer a hybrid working model are looking to retain the best parts of pandemic-era remote work policies. Katherine Almquist, a rising college senior, is applying exclusively for hybrid roles. “I like the flexibility of shifting my schedule when needed and having time to socially reset,” she said, but being full-time remote and  hopping on Zoom all the time doesn’t seem sustainable to her. “You can’t read someone’s body language the same way online, nor can you have that irreplaceable experience of discovering something new over a cup of coffee,” she said.

The return-to-office debate heats up

• Even if the youngest members of the workforce aren’t gravitating towards remote work, many want to hold onto it for the flexibility and work-life balance outcomes. Leadership, however, isn’t always on the same page.
• Some of the loudest detractors of remote work have been Wall Street CEOs like JPMorgan Chase’s CEO Jamie Dimon, who previously said remote work contributes to a less honest workforce that’s more prone to procrastination. The company recently called managers back to the office five days a week. Wall Street workers, for the most part, aren’t having it. One in two financial professionals would go as far as quitting to avoid spending more time in the office, according to a recent Markets Live Pulse survey. And that’s in the face of recent layoffs — a Challenger, Gray & Christmas analysis found that the financial sector has cut nearly 37,000 jobs in the U.S. this year. 
• It’s not just big financial firms pushing for a return to the office — tech giant Google just said it will crack down on employees who don’t come into work three times per week. Amazon and Walt Disney are also pushing staff back to physical offices. “Instead of strict policies demanding employee time in-office, why aren’t more employers considering incentives to encourage them to come back to the office,” organizational development consultant Laila Luopa questioned. “Don’t you get more bees with honey rather than vinegar?” Salesforce, for example, is experimenting with donating $10 to local charities for each day an employee heads into the office from June 12-23.

Some states are hungry for talent

• Some states are awash with job opportunities — and have small candidate pools. According to a new LinkedIn analysis, 37 U.S. states are experiencing tighter labor markets than they did before the pandemic. That means there are pockets of opportunity for jobseekers, where employers are more willing to consider nontraditional candidates and award above-average increases in pay.
• Labor markets are notably tight in less populous areas. Maine has experienced the most intense tightening, with a 128.2% increase in May compared to pre-pandemic levels. Alaska and a handful of Midwestern and Great Plains states follow behind, including Kentucky, South Dakota and Wisconsin. “As long as companies in these states are committed enough to work through attracting employees, this should really improve the quality of life in these mostly low cost of living states,” Jeff Walker, a wellness coordinator, commented. “As a Kentuckian living in Southern Indiana, I think people underestimate the opportunities to build financial stability in the heartland.”
• Employers have the upper hand in states like California and New York, where job openings are harder to come by and candidates are abundant. The Sun Belt region is also absent from the list of tight labor markets. Job listings there have climbed along with the available workforce, as the region’s biggest states, Texas and Florida, attracted scores of newcomers amid the pandemic.

Get ready for the week by seeing what’s coming up.

• Tuesday, June 13: The Bureau of Labor Statistics will release the monthly Consumer Price Index for May, which measures inflation through the price of goods and services.
• Wednesday, June 14: The Bureau of Labor Statistics will release the Producer Price Index for May. The gauge measures the change over time in prices charged by domestic producers for their output. 
• Wednesday, June 14: The Federal Reserve will announce its interest rate decision. The central bank has been hiking interest rates at a rapid clip in an effort to cool still-high inflation.
• Wednesday, June 14: LinkedIn Senior Editor at Large George Anders will release his latest edition of Workforce Insights, digging into how job confidence is trending in key industries.
• Thursday, June 15: The U.S. Department of Labor will release initial jobless claims for the previous week. The report, a proxy for layoffs, tracks the number of people filing for unemployment benefits.
• Thursday, June 15: The U.S. Commerce Department will release its Retail Sales report for May, which tracks demand for finished goods, such as food, clothing and furniture, in stores and online.
• Friday, June 16: The University of Michigan will release its preliminary reading of June’s Consumer Sentiment Index, which measures how Americans feel about current and future economic conditions.