6/11/2023 0 Comments Economix acaThe unemployment rate for those under the age of 25 has always been about twice as high as the overall rate (see Figure 3-1). (As pointed out during the discussion period, the high incarceration rate in the United States contributes to weak labor market outcomes of some groups, given the difficulty people with criminal records have finding jobs.) Furthermore, about 30 percent of those 4 million missing workers are under the age of 25, Shierholz added. If these people were included in the jobless statistics, the unemployment rate would be 9.7 percent (Shierholz, 2013). However, part of this improvement has occurred because an estimated 4 million people have dropped out of or have never entered the labor force because of weak job opportunities, said Shierholz. At the time of the workshop, the overall unemployment rate was about 7.5 percent, down from a peak of 10 percent at the end of 2009 (BLS, 2013). Market economist with the Economic Policy Institute in Washington, DC. Young workers continue to face a difficult labor market as they make the transition from school to the workforce, said Heidi Shierholz, a labor Three speakers discussed these changes and their effects on the lives of young adults. They are coming of age at a time of reduced job opportunities, increasing diversity, and rapid technological change. Young adults today seem to confront a different economic, cultural, and social landscape than did earlier cohorts. Virtually constant connectivity, combined with the ability to identify one’s location in real time and rapidly evolving social media, make it possible for young adults to curate and manage their life on the go.Adolescents and young adults ultimately will live in a plurality with a racial and ethnic makeup closer to that of their own cohort.The effects of the Great Recession that started in 2008 have caused a major loss of opportunities for young adults.
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