By Kevin Enriquez, Campus Representative, Drexel University
According to an article by Kathryn Anne Edwards and Alexander Hertel-Fernandez from the Economic Policy Institute, the recession has hit young workers particularly hard.
Some highlights (really lowlights!):
Since the start of the recession in December 2007, young adults have attained the highest unemployment rate on record (since 1948). The unemployment rate for 16-24-year-old workers peaked in September 2009 at 19.2%— passing the peak rate of 19.0% from November 1982—and started 2010 at 18.9%. Between December 2007 and January 2010, the unemployment rate for young workers increased 7.1 percentage points......
Young workers are getting stuck in unemployment for longer periods. Since January 2007 to December 2009, the median length of unemployment has increased from 6 weeks to 15 weeks, meaning that half of unemployed young workers have been unemployed for more than 15 weeks. The mean length of unemployment for young workers has more than doubled, from 11 weeks to 25 weeks. On average, it took workers age 16-24 a little less than six months to find a job in December 2009.This was slightly lower than the average for all workers (30 weeks); younger workers have a shorter duration of unemployment even in periods of economic expansion.
As a sophomore business student at the Lebow Business School at Drexel University; we primarily don't focus on facts about job employment or asses the competitiveness to finding a job, however we do prepare ourselves to stand out from other job applicants. Stats like these make me question whether the conversations in school about prepping for a job or standing out are realistic about how hard it really is out there.
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