America's Youth Unemployment Rate Is One Of The Worst Of Wealthy, Large Economies
With graduation looming around the corner for many college students, this article seems important. Our economy seems to be back on track after the 2008 recession and everything seems to be improving, except in the area of youth unemployment. After the recession, college graduates had to compete with recently laid off workers who had more job experience than them, making it much more difficult to find jobs. The job market for college graduates has gotten better, but it is still lower than many other nations of equivalent wealth. The article doesn't go into detail which countries, but I would assume they would be European nations. Even when they do become employed, it is many times in jobs where they are underemployed, which does not bode well for them because as it says in the article, 1 in 5 households is stuck with college debt. There are other factors that might not be taken into account though in this scenario, like graduates getting degrees in fields where there might not be many jobs. Those job markets could already be saturated. Even if this is partly the case, the economy does need to create around 4 million jobs to get the unemployment down for the youth back down to normal.
The problem with recent graduates today is they now have to compete with other more experienced workers who are also looking for jobs. Until unemployment comes down I expect graduates to keep having difficult times finding jobs out of college.
ReplyDelete