By Alexander Eichler
From The Huffington Post:
Are you young and looking for work? You're in good company.
Just 54 percent of Americans ages 18 to 24 currently have jobs, according to a study released Thursday by the Pew Research Center. That's the lowest employment rate for this age group since the government began keeping track in 1948. And it's a sharp drop from the 62 percent who had jobs in 2007 -- suggesting the recession is crippling career prospects for a broad swath of young people who were still in high school or college when the downturn began.
"They had the misfortune to be born at a time that would dump them into this labor market as young people," said Heidi Shierholz, a labor market economist at the Economic Policy Institute. "If we stay on the track that we're on, this cohort is not going to outpace their parents."
The Pew study arrives just days after the Labor Department's monthly jobs report, which showed the national unemployment rate trending down for a fifth straight month -- a change that many took as a sign that the economy is finally beginning to right itself. Yet joblessness is still high, and financial security remains out of reach for millions more people than just a few years ago.
Young adults were largely spared the collapse in wealth that many older Americans went through when the housing market imploded. Still, in some ways they have it the worst of any demographic. Besides the historically low employment rate for people in their late-teens and early-20s -- which is, incidentally, about 15 percentage points below the general employment rate for working-age adults, according to Pew -- the recession has eroded young workers' paychecks to a far greater degree than any other age group.