Jerome Powell says Gen Z without tech skills are getting crushed in the ’low-hire, low-fire’ job market—and colleges are failing them

Federal Reserve Chair Jerome Powell issued a warning to young workers on Tuesday: if you don’t have technology skills, you’ll be left behind in today’s labor market.

Speaking in Rhode Island this week at an event hosted by the Greater Providence Chamber of Commerce, Powell described what he called an unusual “low-hire, low-fire” economy. Companies aren’t expanding payrolls , but they also aren’t cutting staff in large numbers. Instead, many are pausing new hires while they wait to see how tariffs, immigration policy, and other shifts play out.

“We all see the data—it’s just gotten tough for people entering the labor force to be hired,” Powell said.

However, he emphasized that the market isn’t difficult for everyone. If you come out of school with technological skills, you’ll be fine