Half of workers from 18 to 24 are unemployed
More than half the workers from age 18 to 24 are unemployed:
The number of young Americans without a job has exploded to 52.2 percent — a post-World War II high, according to the Labor Dept. — meaning millions of Americans are staring at the likelihood that their lifetime earning potential will be diminished and, combined with the predicted slow economic recovery, their transition into productive members of society could be put on hold for an extended period of time.As I've noted before, it's likely that these numbers are exacerbated because of the recession. However, employers are not going to hire many workers due to the increase in labor costs, such as the increase in the minimum wage that took place in July.The number represents the flip-side to the Labor Dept.'s report that the employment rate of 16-to-24 year olds has eroded to 47.83 percent -- the lowest ratio of working young Americans in that age group, including all but those in the military, since WWII.
How's that minimum wage hike working for you?
Comments
It seems like in every recession there is a sector of the workforce that is hurt. In this case, it was helped with the increase in minimum wage. A lot of small business owners cannot afford to keep on extra help and maintain their business.
Posted by: The Doctor | October 3, 2009 05:42 PM