The white-collar job market is facing a significant downturn, particularly affecting young college graduates and early career talent. Hiring for roles that typically require a bachelor’s degree has fallen below 2019 levels in recent months. The decline is more pronounced for individuals in their 20s, who are encountering a bottleneck in entry-level positions. Factors contributing to this rut include 5% interest rates, AI arbitrage, and asymmetric advantage. Additionally, demand for software developers has significantly decreased from the boom periods of 2021 and 2022.