The class of ’13 has no luck at all.
As the graduates take to the streets with their six-month grace periods before their student loan debt bills begin arriving, they face a horrific job market.
“At 16.2 percent, the March 2013 unemployment rate of workers under age 25 was [roughly] twice as high as the national average,” in the words of a recent report on young people entering the work force.
Young people starting out are normally at a disadvantage because they are trying to establish themselves in a profession.
Demos, a New York-based think tank, agreed with the EPI study. In its own research, Demos discovered that 18- to 34-year-olds make up 45 percent of the total unemployed population.
What’s more, this youthful group continues to face a serious jobs gap, with 4.1 million new jobs needed just to return to pre-recession levels of employment, according to Demos.
“If job growth continues at 2012 levels, it will be another 10 years before the country recovers to full employment. Even then, workers under 25 will face unemployment rates twice the national average,” according to the report.