A Lasting Problem
In the new Demos report, Stuck: Young America’s Persistent Jobs Crisis, authors Tamara Draut and Catherine Ruetschlin look at a year of stagnating job prospects and declining economic security for Americans under 35. Some of their findings:
– Young adults gained little ground in 2012. Altogether, there are more than 5.6 million 18 to 34-year-olds,45 percent of all unemployed Americans, who are willing and able to take a job, but have been shut out of opportunities for employment.
– Adult Hispanic workers experience unemployment rates 25 percent higher than those of whites, while African Americans face rates approximately double.
– The greatest differences were attributed to education: the unemployment rate for 18 to 24 year olds with a Bachelor’s degree was 7.7% compared to 19.7% for those with a high school diploma.
– In 2012, the labor force participation rate of 18 to 24 year olds declined to its lowest point in more than four decades. Workers with a four-year degree are 9 to 12 percentage points more likely to be in the labor market than workers with a high school diploma in every age group.
|Read the Full Report, Stuck: Young America’s Persistent Jobs Crisis|
While much attention has been paid to the challenges facing indebted college graduates who are now much more likely to be working in jobs that don’t require a college degree, the deep and persistent high levels of joblessness and underemployment among young people without four-year degrees (the majority of the generation) is a silent crisis facing our nation. And it demands a robust and national response.