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6 Charts That Should Freak Out Every Single Young American
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.
Here are six charts from the Center for American Progress that will freak out any young person looking for work:
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.
Millions of teens are out of work or underemployed.
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.
Here are six charts from the Center for American Progress that will freak out any young person looking for work:
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.
Millions of teens are out of work or underemployed.
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