America has a youth unemployment problem on its hands. Millions of 20-somethings can't find full-time work, according to the Center for American Progress. That could have long-term consequences: a six-month period of unemployment costs a person under 25 at least $45,000 in lost wages, the Center noted in a report released Wednesday.
This isn't just a young-adult problem; it hurts everyone else too. Youth unemployment is poised to cost the U.S. some $18 billion over the next decade, according to an analysis last month by Bloomberg Senior Economist Joseph Bruseulas.
So how did we get here? The Great Recession dealt a particularly harsh blow to young people as unemployment rose, and employers opted for the abundance of job-seekers with more experience. As a result, nearly half of the nation's unemployed are under 34 years old, according to an April report from Demos.
Presently the unemployment rate for Americans 16-to-24 years old is 16.2 percent, more than double the 7.5 jobless rate for all Americans.
Note EU-Digest: this problem is not only limited to the USA, but is also prevalent in the EU.
Read more: 6 Charts That Should Freak Out Every Single Young American
No comments:
Post a Comment