Economy

Youth Unemployment at an Amazing 17.1%

157140737
Thinkstock
In Friday’s report on the employment situation in the United States, the Bureau of Labor Statistics (BLS) disclosed that the unemployment rate for young people aged 16 to 19 remained in double digits at 17.1%. That is an improvement on the 18.8% reported in January and the February 2014 rate of 21.3%, but should be worrisome nonetheless.

Among young African Americans, the BLS reported an unemployment rate of 30.0%. That is actually an improvement from a rate of 33.2% in December. The unemployment rate among young white Americans is 15%. Among African American men more than 20 years old, the unemployment rate is 10.4%, compared with an unemployment rate of 4.5% for white men in the same age group.

The overall unemployment rate in the United States dropped to 5.5% in February, its lowest point in seven years, but that is little comfort to 10.8 million young people the BLS lists as not in the labor force, more than double the 4.8 million youth cited as employed.

Young people often have little or no work experience, and in the current U.S. economy may find themselves competing for the same jobs as older workers. Those jobs include food service, retail and clerical work, which were at one time the special province of young workers. When the economy tanked in 2009 and companies laid off thousands of workers, competition for those jobs intensified and young people fell to the bottom of the pile.

The economic collapse also wiped out or severely damaged many older workers’ retirement savings and they have chosen to stay in the workforce, further crimping opportunities for young workers.

ALSO READ: The Best (and Worst) Paying Cities for Women

The #1 Thing to Do Before You Claim Social Security (Sponsor)

Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.

A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.

Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.

 

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.