Jobs

The Young and the Jobless

It’s no secret that the U.S. job market is still struggling, despite the official end of the Great Recession more than two years ago. A quick glance at the July 2011 Employment Situation Summary compiled by the U.S. Bureau of Labor Statistics shows that the overall unemployment rate dropped slightly to 9.1 percent, with no significant change since April 2011. A closer look reveals that, among 18- to 24-year-olds in the labor force, the unemployment rate is still 16.6 percent. There are also 1.1 million discouraged workers, people who aren’t even looking for work right now because they believe no jobs are available for them.

The employment situation raises concerns about both the economy at large and our own earning potentials. For young people, job prospects remain historically grim and many of us are still waiting and hoping to land our first jobs. As entry-level workers, we often need to compete with more experienced workers for the same jobs. Getting a foot in the door may mean taking on unpaid internships to gain experience or pursuing opportunities outside our original fields of interest.

In addition to causing frustration and financial tolls, prolonged periods of unemployment have been shown to impact relationships, emotional well-being, self-respect, and long-term career goals. A growing body of research shows that college graduates who enter the workforce during a recession earn significantly less during their lifetime than those who join the fold during an economic boom. And, they may also struggle with moving upward in their careers, even if the economy has recovered.