The unemployment rate for 16-to-24-year-olds is twice that of the population overall, says a Labor Day weekend report. The portion of the group that is in the jobs market is at a historic low.
Finding a job these days is hard enough if you are an adult – the new unemployment numbers out Friday just don’t seem to want to budge below that 9.1 percent mark.
But, if you are in the 16-to-24-year-old cohort, things are just about twice as bad.
Unemployment among that group this summer stood at 18.1 percent, according to the Bureau of Labor Statistics’ annual Labor Day weekend report, down a percentage point from the year before. However, only 59 percent of that age group was participating in the job market, either working or searching for a job. That’s the lowest portion of the demographic since the government began tracking this youth market in 1948. The lowered participation makes the unemployment rate appear better than it is.
“I have one student who decided to move his graduation to December instead of next July,” he says, just in order to get a jump on the job market for next year.
The professor says he sees other students taking more general education classes at community colleges to save money.
Tommy Bowles, who graduated from high school in June and is headed to UCLA this fall says he had high hopes for a good enough job to “get some cool clothes for college.”