US Administrative and Waste Management Services Sector NAICS 56

Jul 2, 2025 - Recent College Graduates Face Tough Job Market

• Graduates fresh out of college are having a difficult time landing jobs, according to The Wall Street Journal. While the overall unemployment rate is about 4%, over the past 12 months ending in May 2025, the unemployment rate for recent college graduates is 6.6%. Amid global economic uncertainty, many firms have cut back on hiring. That is mainly impacting young people. Older workers with jobs have managed to hold onto them as layoffs remain low. While it’s typical for unemployment figures to be higher for younger workers, in a recent report, the Federal Reserve Bank of New York said the labor market for fresh college graduates “deteriorated significantly” in the first quarter of 2025. Companies that are hiring tend to rely on older, experienced workers with more skills, making the job search for younger graduates even harder.
• Amid increased conversions and demolitions, the US supply of office space is on pace to shrink this year for the first time in 25 years, according to real estate services firm CBRE and reporting by The Wall Street Journal. The shift marks a break in a years-long office space glut as federal tax breaks, low interest rates, and unprofitable start-ups fueled office overdevelopment. Matters were made worse as the pandemic reduced demand further. Converting unused offices into residential space seemed like an obvious solution, but until recently, such projects were unprofitable. However, lower property values, local government incentives, and zoning law changes are making conversions practical. A decline in office space square footage and occupancy rates can reduce demand for several types of administrative services, including business support and office administrative services, janitorial, security, and landscaping.

• In a recent webinar hosted by the Solid Waste Association of North America (SWANA) and the National Stewardship Action Council, speakers said the industry needs more support from manufacturers, the media, and legislators to reduce waste stream risks, including fires and hazardous materials, according to Waste Dive. In recent years, products such as lithium-ion batteries and compressed gas cylinders have caused fires and injuries at material recovery facilities and in waste-hauling vehicles. Industry insiders suggest solutions include improved product designs and labeling, better end-of-life management, extended producer responsibility (EPR) laws, and more funding for community take-back programs and infrastructure. Several states have passed EPR laws that compel manufacturers to help fund efforts to safely recover hazardous materials, including paint, mercury thermostats, e-waste, and sharps.
• Competition for tech jobs is heating up as AI and economic uncertainty have made companies more cautious about hiring while increasing their expectations for job candidates, according to The Wall Street Journal. The length of the hiring process for filling IT roles in some cases has doubled over the last year, according to staffing firm Robert Half. Companies are raising the bar on what types and number of skills they expect candidates to have and are drawing out the hiring process to ensure a proper fit. The number of IT roles is shrinking, as AI replaces entry-level programmers. Firms are also making considerable investments in AI, which can reduce budget resources for IT roles unrelated to AI.