Tuesday, May 14, 2013

young u.s. workers worse off than in parts of europe


fortune | Being jobless is an awful thing for anyone no matter where they live. But it's especially unnerving for young people just starting their careers. A lot has been written about the topic lately, but two new reports show the job employment picture likely won't get any better for young people living in the world's richest countries. And in many ways, America's young people today have it worse than even parts of debt-troubled Europe.

The findings come as thousands graduate from college this month. Graduates may have hung up their hard-earned diplomas today, but for many it will be a huge struggle to find jobs they studied hard for.
Across the world's richest countries, joblessness among 15- to 24-year-olds is estimated at 12.6%, close to its crisis peak, according to the International Labor Organization. The problem is most pronounced in a few parts of the world, including developed economies, such as the United States and parts of Europe.

In 2012, the rate of joblessness in the richest countries rose to a decades-long high of 18.1%, according to the ILO, which doesn't see the rate drop below 17% before 2016.