Young and Unemployed

Pew Research Center study confirms that young adults have been hit hardest by unemployment and underemployment during the economic downturn.

young-and-unemployedDrawing on data from the U.S. Bureau of Labor Statistics and a survey of more than 2,000 American adults, the Pew Research Center has released a study showing that young job seekers have suffered significant setbacks in the current labor market.

Some of the study’s key findings include:

  • Young adults were hit hardest by the recession. Government statistics confirm public perception regarding the inability of younger workers to find jobs. Since 2010, the percentage of young adults ages 18 to 24 currently employed (54%) has been its lowest since the government began collecting these data in 1948.
  • Employment inequality exists between generations. According to the Pew study, the employment gap between the young and all working-age adults (approximately 15 percentage points) represents the widest disparity in recorded history.
  • Young adults have it harder than their parents. Eight in ten (82%) of survey respondents believe that finding a job is harder for young adults today than it was for their parents’ generation. Approximately the same percentage believes it is now harder for younger workers to save for the future (75%), pay for college (71%) or buy a home (69%).
  • Older adults have weathered the recession better than the young. A 2004 Pew Research survey showed that similar numbers of young adults (50%), middle-aged adults (52%) and older adults (50%) believed their personal financial situations were “excellent” or “good.” In 2011, the study showed a growing gap between 65+ older adults and the rest of the U.S. workforce. While 54% of older adults gave their personal financial situation a high rating, only one-third of younger and middle-aged adults shared a similar perspective about their financial outlook.
  • Younger workers anticipate high levels of career mobility. Only 30% of all 18-34 year olds consider their current job to be a “career” compared to 52% of workers over the age of 35. This could indicate a trend of increased career mobility among young adults.

 

 

 

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One Response to “Young and Unemployed”

  1. Andhika
    March 6, 2012 at 6:10 am #

    So have 15.7 mliilon other Americans.Another 16 mliilon sit at home hoping their luck will turn. They, too, were idled to some degree by this Grave Recession.So, you’re not alone.More than 31 mliilon Americans share your strain – sleepless nights worrying about the bills, dreary days surfing job listings, weekends shopping for cheap eats.They share your pain – calls from debt collectors, no calls from employers and higher prices for things they need.And they share your drive to survive, to get back to work, to rebuild their lives.But we cannot do it alone.Nor can you.we need you. You need us . we need each otherWhy pass legislation to help the 99ers?

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