The job situation is starting to look better for grownups. But college and high school kids could be in for a long, disappointing summer.
While Friday’s employment report showed employers adding 290,000, the biggest jump in four years, unemployment among 16- to 24-year-olds stands at nearly 20% heading into this summer. That’s almost doubled from 2007, the last summer before the recession, when it averaged just over 10%.”
As far as summer jobs go, this is going to be the worst year to try to land a job since the Depression,” said Heidi Shierholz, labor economist with the Economic Policy Institute, a liberal think tank.
And the numbers tell only part of the story since so many younger job seekers have simply given up and no longer counted as unemployed.
The percentage of those in the 16- to 24-year-old age group with jobs last summer tumbled to an average of 47% from 55% over the course of the previous 60 years. The situation has only gotten worse since last summer, with only 45% holding a job in the most recent reading in April.
FULL STORY: http://money.cnn.com/2010/05/06/news/economy/summer_jobs/index.htm
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