The number of young Americans without a job 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.
The number represents the flip-side to the Labor Dept.’s report that the employment rate of 16-to-24 year olds has eroded to 47.83 percent — the lowest ratio of working young Americans in that age group, including all but those in the military, since WWII.
As I’ve noted before, it’s likely that these numbers are exacerbated because of the recession. However, employers are not going to hire many workers due to the increase in labor costs, such as the increase in the minimum wage that took place in July.
How’s that minimum wage hike working for you?