Discouraged Workers Fall off the Reporting Radar
Finding work is tough these days, and it is even tougher for America’s young workforce. We came across a strong article on the Business Insider about the struggles of the 20-30 year old workforce in the US and thought we would pass it along. You can read the whole article here but below are some of the most powerful points:
- Economists, analyzing government data, estimate about 4 million fewer people are in the labor force than in December 2007, primarily due to a lack of jobs rather than the normal aging of America’s population.
- If all those so-called discouraged jobseekers had remained in the labor force, August’s jobless rate of 8.1 percent would have been 10.5 percent.
- The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one has fallen by an unprecedented 2.5 percentage points since December 2007, slumping to a 31-year low of 63.5 percent.
- The economy lost 8.7 million jobs in the 2007-09 recession and has so far recouped a little more than half of them.
- Economists say jobs growth of around 125,000 per month is normally needed just to hold the jobless rate steady.
- A pace twice that strong would be needed over a sustained period to make progress reducing the unemployment rate.
- Last month, employers created just 96,000 jobs.
- Last month, the proportion of 20- to 24-year-olds in the labor force was its lowest since 1972.
- The 25-54 age group has seen a decline of 1.8 percentage points since December 2007.
Get yourself ready to find a job before you need one!