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No. The phrase “pretty much permanently screwed” was Futurism’s headline, not a demonstrated direct quote or conclusion from Goldman Sachs. Reporting on Goldman economists David Mericle and Pierfrancesco Mei says they expect modest job growth alongside economic growth to be normal to some degree in coming years. That outlook points to a difficult hiring environment—not proof that Gen Z faces permanent damage.
What Goldman Sachs economists were reported to say
Futurism’s October 16, 2025 headline sharpened a more qualified point. In reporting about Goldman economists David Mericle and Pierfrancesco Mei, the issue was that economic output could grow while employment increases only modestly. The economists reportedly said: “The modest job growth alongside robust GDP growth seen recently is likely to be normal to some degree in the years ahead.” Futurism’s account also reported their view that AI could raise productivity, while its full labor-market consequences might not become apparent until a recession.
The original October 2025 Goldman note is not available in the cited reporting, so its full methodology and context cannot be assessed here. The headline should therefore not be treated as Goldman declaring that an entire generation is doomed.
Why a low-hire, low-fire market can hurt new graduates
A job market with both few hires and few layoffs can be especially frustrating for people trying to enter it. When workers stay in their jobs, fewer positions open up, even if employers are not cutting many existing roles. Goldman economist Pierfrancesco Mei put the point this way, as quoted by Fortune: “finding a job takes longer in a low-turnover labor market.” Fortune’s October 2025 reporting also cautioned against treating AI as the sole explanation for weak hiring.
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The strain can fall disproportionately on younger job seekers who have less work experience and are entering the market just as openings are scarce. Federal Reserve Chair Jerome Powell was quoted by Fortune saying, “kids coming out of college and younger people, minorities, are having a hard time finding jobs.” That describes a present challenge, not a prediction that today’s entrants will never recover.
Is AI taking entry-level jobs?
AI could affect some early-career roles more than others, including certain technology jobs and work exposed to automation. Goldman Sachs Research’s 2026 overview says displacement could be stronger among entry-level workers even while the overall labor-market effect appears limited. Its cross-country analysis compiled 11 AI-adoption surveys; that figure describes the evidence base, not a measured number of jobs lost. Goldman Sachs Research’s overview does not establish that AI has caused broad employment declines.
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Evidence from The Budget Lab at Yale likewise counsels against a sweeping causal claim. Its December 2025 update found no current broad relationship between its measures of AI exposure and automation and changes in employment or unemployment, while calling for better data. The December 2025 update does not rule out effects in particular occupations or groups; it means the available aggregate evidence did not show a clear economy-wide pattern.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the latest labor-market figures do—and do not—show
The Budget Lab at Yale reported that U.S. payroll employment grew by about 20,000 net jobs per month over the preceding year and that unemployment was 4.3% in March 2026. Those figures describe the U.S. labor market and the periods measured. They do not identify AI as the cause of slower hiring, isolate outcomes for Gen Z, or establish that any effects will be permanent.
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For a young person deciding what to make of the headlines, the useful distinction is between a difficult entry-level market and an irreversible generational outcome. The evidence cited here supports the first: openings can be harder to find in a low-turnover market, and some roles may face more automation pressure. It does not prove the second.
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