The Minnesota Grizzly Bear

Roaring about life since 2009

Unemployment is at what?!

Holy shit, how do you figure this?  Absolutely amazing and terrifying.

The New York Post yesterday ran with this staggering story on newly released figures from the Bureau of Labor Statistics:

“The unemployment rate for young Americans has exploded to 52.2 percent — a post-World War II high, according to the Labor Dept. — meaning millions of Americans are staring at the likelihood that their lifetime earning potential will be diminished and, combined with the predicted slow economic recovery, their transition into productive members of society could be put on hold for an extended period of time.”

Youth Unemployment at 52.2% Post “Stimulus”

Wow, congrats everyone fully half of the demographic historically associated with violent social change is out of work and pissed.  That’s not good.

-Mike

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January 5, 2010 - Posted by | Politics, Unemployment | , ,

2 Comments »

  1. I think national rate is officially about 10%. Those are people who are technically still on the unemployment rolls, meaning they are actively keeping their information current with the unemployment agencies. That number does NOT include those who have given up and stopped checking in, but are still without work.

    There may be a couple reasons why the number for young people is so high. I think it is probably traditionally higher than national average anyway, because a lot of them are supported by parents while in school and things like that. But that figure is still abnormally high.

    One reason could be that younger people are often far less skilled and the low-skilled, entry-level jobs have been hammered in this recession. Second, there are a lot of high-skilled people who have lost good jobs and are looking for anything they can get. That means they are snapping up the lower-skilled jobs and whatever else is availible.

    That would be my guess here.

    Crazy numbers though. Have you seen my post on the unemployment graph?

    http://contrariangrooves.wordpress.com/2009/11/23/75/

    Comment by Mr. Anon | January 5, 2010 | Reply

  2. Oh man, I’m thinking about law school after I graduate this year and the things that have happened to the law profession during this recession are just sick. Thousands of lawyers have been sacked, thousands of staff at big firms, lots of firms have frozen hiring and pay raises and some have stopped coming to law school career fairs. There have been signs in the last few weeks that its beginning to thaw a bit, but the profession isn’t confident like it was a few years ago.

    I know, people just aren’t hiring. Until small business figures out what Obama is going to do to business and the economy, they’re terrified to start hiring again. Healthcare in particular is a major question mark for small businesses.

    I just saw that graph on your site, it’s just crazy.

    -Mike

    Comment by Minnesota Grizzly Bear | January 5, 2010 | Reply


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