For young workers, a steady job is hard to find
Nearly half of unemployed Americans are under 34, while those employed shouldn't expect to stay put for long.
Well, young American workforce, there's no way of putting this nicely: You're hosed.
According to public policy organization Demos, about 45% of the nation's unemployed are between 18 and 34. That's 5.6 million young people who don’t have a job, not to mention 4.7 million more who are underemployed or working in jobs for which they're overqualified.
Even if you do manage to find some kind of gainful employment, don't plan on sticking around very long. A Labor Department study found that the average 25-year-old has already worked 6.3 jobs since he or she turned 18. That's beating mom and dad's pace, as the same study found that young baby boomers between 50 and 55 worked 5.5 jobs by the time they hit 25.
The news isn't getting better anytime soon, either. Demos estimates that the U.S. economy would have to add another 4.1 million jobs before young adults get back to pre-recession employment levels. Those who are employed, meanwhile, have expectations of the job market that don't mesh with reality.
A PwC study found that 54% of millennials planned to work for between two and five employers for their entire career. A Career Advisory Board study says workers between 21 and 31 plan to work only five jobs total during their lifetimes. They're already 1.3 jobs in the red.
That said, young workers and job seekers don't need yet another reminder of how tough it is out there. Both art-school students and MBAs are being crushed by debt. Doctorate recipients are seeking food stamps in increasing numbers.
Even when college grads land a job, it's not always one that requires their level of education. Roughly 284,000 college graduates are making minimum wage. Even though the U.S. economy has recovered 5.7 million of the 8.7 million jobs shed during the recession, The National Employment Law Project says nearly 60% of all jobs lost during the recession paid middle-income wages or better, but roughly 65% of the jobs that have been regained are low-wage.
As a result, The Center For College Affordability and Productivity reported that nearly half of the college graduates from the class of 2010 are in jobs that don't require a bachelor's degree. A full 38% have taken gigs that don't even require a high school education. According to the Associated Press, that has dropped the median wage for college graduates significantly since 2000.
Still, a college degree continues to be an advantage. From 2010, when the job market bottomed out, to 2012, workers with bachelor's degrees saw their employment rate increase by 5%. Those with advanced degrees fared even better: Among workers with master's, doctoral or professional degrees, about 1.1 million more reported having a job in 2012 than in 2010. According to the Labor Department, that 6.7% increase represents the fastest employment gain of any education level during that span.
On the other side, the 36% of American workers older than 25 with a high school education or less started losing jobs in 2007 and haven't stopped. About 767,000 fewer of them reported having a job in 2012 than in 2010, and 2 million workers in that demographic left the job market altogether during that span.
So all you 18-34 yr olds out there who don't have a job, enjoy your utopia, you voted for it. And to all you parents out there that are tired of supporting your loser children, it's mostly your fault for raising them to be spoiled, dependent brats.
says nearly 60% of all jobs lost during the recession paid middle-income wages or better, but roughly 65% of the jobs that have been regained are
More than that. Middle class jobs are gone now, along with the middle class. Its the Haves and Have Nots now; each telilng the other how to live their lives.
our rich have outsourced our young peoples jobs.Programmed lunatics will contend that our young dont want to work.dont believe it.its a smoke screen thrown up by people making excuses for the lack of opportunity here in america.we were sold free trade under the simplistic slogan "you'll get things cheaper".what they didnt mention is the price is american jobs and standard of living.looking at the long term side effects of free trade its clear that its the biggest mistake this countries ever made for most americans.the rich and our politicians love it.its resulted in an unprecedented transfer of wealth from us to the rich.never in our countries history has income disparity been higher.check out politizanes youtube video"income inequality in america"youll be shocked.the rich dont want you to know this.theyve paid for ads to confuse you.dont be.take a look
You better have killer skills these days.Manufacturing jobs have went to China for the
most part.The jobs as teacher,fireman,police and postal arn`t safe anymore.I`ld learn
as much as I could in high tech if I was young.
The more people that are dependent on this current administration for their welfare the more people that will continue to vote for this party so that they do not loose their benefits.
Why work? Why create jobs?
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
- A stronger dollar index weighted on the commodities space today.
- Dec gold and Dec silver fell deeper into negative territory, trading as low as $1263.10 per ounce and $19.11 per ounce, respectively.
- Unable to gain momentum, both metals settled with 1.7% losses, with gold closing at $1264.90 per ounce and silver closing at $19.16 per ounce.
- Oct crude oil fell below the $93 per barrel level. It trended lower after pulling back from a session ... More
More Market News
The NBA star could receive as much as $300 million in the 10-year deal, according to reports.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'