Friday, May 10, 2013

global youth unemployment continuously worsening


theatlantic | Elevated and lasting unemployment is an awful thing, anywhere, and for anyone. But it is awful in a special way for young people, cutting them off from networks and starting salaries at the moment they need to forge connections and begin to cobble together a career.

A new study from the International Labor Organization takes a global tour of youth joblessness and finds that what's gone up won't come down in the next five years. The youth unemployment rate* among the richest countries is projected to flat-line, rather than fall, before 2018. As a result, the global Millennial generation could be uniquely scarred by the economic downturn. Research by Lisa Kahn has showed that people graduating into a recession have typically faced a lifetime of lower wages.

As Ritchie King from Quartz shows in the graph to the left, it's now "harder for a teenager or young adult to find a job in developed economies than in Sub-Saharan Africa."

Lurking under the rise of youth unemployment among the richest countries is an even scarier trend -- the rise of long-term youth unemployment. Long-term unemployment isn't just a difference in length; it's a difference in kind, because the more time you spend out of a company, the less likely you are to be hired back into one. In many European countries, particularly Spain, the increase in unemployment has come almost exclusively from people being out of work longer than two-years. In advanced economies, "longterm unemployment has arrived as an unexpected tax on the current generation of youth," ILO writes. About half of Europe's unemployed youth have been out of work for more than six months, according to 2011 data.

American audiences are probably most interested in how our Millennial generation compares to young people around the world. So, from table B1 at the end of the paper, I picked a few OECD countries and graphed the last eight years of youth unemployment.

2 comments:

umbrarchist said...

When are people going to figure out that the solution to unemployment is a 3-day work week?


What about all of the people employed making television commercials for automobiles? Aren't most of the variations in cars a waste of time? We have to be brainwashed into consuming to create employment.


Ridiculous!

CNu said...

lol, that'll come long after implementation of WW-III whose tested and true solution is annihilation of 15% or more of the able-bodied workforce along with creation of a WHOLE LOT of reconstructive work.

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