Yeah it can correlate with the end of a post pandemic hiring boom, and it can correlate with the bank rate. But no matter what it also correlates with the rise of AI.
All are true and causation cannot be established for any of the 3 through just an observational study.
Given that AI tools are only really used for white collar work, but white collar professions have not been declining faster than entry level jobs in hospitality, vocational jobs, nursing or transportation (all of which are down), this gives you a pretty decent natural control group.
The whole debate about bifurcation of the labour market, that entry level coders are having a harder time than they used to, precedes even the pandemic or recent economic woes.
We don’t know if 2 causal events will stack. It may be that one causal event does so much damage that the second causal event can’t do much.
It’s like firing a bullet and throwing a stone at a window. Whichever came first will mask the causative nature of the second. The window can't break twice.