New graduates are having an especially tough time landing a job right now: The share of unemployed Americans that are new to the workforce is at a 37-year high.

Why it matters: It’s a sign of how reluctant companies have been to hire amid ongoing economic uncertainty over tariffs and policy.

By the numbers: 13.4% of unemployed Americans in July were “new labor force entrants,” those looking for jobs with no prior work experience, including new high school and college graduates.

It’s the highest number since 1988, as the Baby Boomer generation was flooding the job market.