Young Adult Economic Series, Part 2: Paycheck Paralysis

Young Adult Economic Series, Part 2: Paycheck Paralysis

November 27, 2006
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Job security and stability were defining characteristics of the U.S. labor market from the 1950s to the mid-1970s. A large portion of the workforce was unionized, and workplace benefits such as health insurance and pensions were standard. Today, young workers can no longer expect to work at a company with the intention of staying until retirement. Union membership has dropped to just 8.6 percent of the private-sector workforce, and benefits are becoming increasingly rare. Job instability is the new reality.