Only 46% of people aged 16-24 had jobs in September 2009, the lowest since the government began counting in 1948. The crisis is even hitting recent college graduates. While unemployment is ravaging just about every part of the global workforce, the most enduring harm is being done to young people who can't grab onto the first rung of the career ladder.
In the U.S., the unemployment rate for 16 to 24-year-olds has climbed to more than 18%, from 13% a year ago. For people just starting their careers, the damage may be deep and long-lasting. Studies suggest that an extended period of youthful joblessness can significantly depress lifetime income as people get stuck in jobs that are beneath their capabilities.
But the situation is most severe for job seekers who lack college diplomas and thus have fewer options. It seems strange at first blush that young people are the biggest victims of the current economic slump. But both employers and older workers are sitting tight , taking as few risks as possible in an uncertain environment. With no openings, employers are refusing even to look at the resumes of those on the outside looking in. Meanwhile, the tide of youth unemployment keeps rising.
What Can be Done?
