8/10/2009

Teenage Unemployment is very high

The WSJ has this:

Economists don't see much relief for unemployed teenagers in a recession that has trimmed hires and pulled many adults into the scramble for jobs typically held by teens.

Unemployment of people ages 16 to 19 was a seasonally adjusted 23.8% in July after hitting a quarter-century high of 24% in June, the government said last week. That compared with last year's summer peak of 20.5%.

Traditional teenage jobs now draw competition, for example, from "stay-at-home moms looking to boost the family income to retirees seeking to supplement their pensions," said John Challenger, CEO of Challenger Gray & Christmas Inc., an outplacement firm.

For white teenagers ages 16 and up, July's jobless rate of 22.2% was the highest since record-keeping began in 1954; among African-American teens, it was 35.7%, nearly four times the national average of 9.4%.

Layoffs and stock-market losses have increased parents' reliance on kids' part-time jobs to help pay for ever-rising college costs. A weak youth labor market is putting "a real crimp" in Americans' ability to afford a four-year degree, said Harvard University labor economist Lawrence Katz. . . . .

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1 Comments:

Blogger Padmanaban said...

Even more company arises, but due to increase in population unemployment arises. There is a great competition among the teens. Since most of them are more intelligent but can't able to get a job.

While studying itself the competition arises, school going childrens itself thinking of their future. I don't know how it ends........
Search jobs in india

8/10/2009 6:54 AM  

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