Unemployment Rates by Age, December 2012
Decreased labor force participation has left many young adults uncounted in the work force. If the 2012 trend continues—with increased labor force participation in a market unable to absorb new workers—2013 will show unemployment rates climb across the board. But the labor market experience of young people is much different than that of older workers, and their disadvantages are reflected in lower hiring numbers and persistently high unemployment. Although some young people managed to find their footing in the labor market, over the course of the recovery most of the new jobs in the economy went to workers ages 55 and up. Young adults took what positions were offered, in many cases at jobs that could not give them enough hours or utilize their skills. A breakdown of unemployment by age reflects the disparity in job prospects across groups, showing workers ages 20 to 24 with unemployment rates well-above the national average while those 35 and older are well-below.
Continue reading 2012 Ends with a Whimper for Millennial Employment