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The rate of youth unemployment

The rate of unemployed youth for the month of May has startling revelations about the direction of our economy especially in the sense that they are the future looking for a future.

Patrice Lee director of outreach at Generational Opportunities an organization advocacy group promoting economic opportunities for youth though less government put out a statement,

“School is out for summer, and more than four out of five recent grads don’t have jobs. My generation deserves better than an economy in which a 15.4% effective unemployment rate for 18-29 year old is considered a good month,”

The G-7 summit declaration that took place in Brussels, Belgium mentioned the need to bring unemployment numbers down with emphasis on the dangerous youth unemployment levels, mentioned that it is and seems to be a global problem at that event on June 5, 2014.

U.S. labor market performance in international perspective

[Despite the disrupting influence of worldwide cyclical movements and the particular economic ills that plagued individual countries, the relative positions of the seven industrial countries showed little change over the decades of the sixties and seventies.

Then the comparative picture began to change. Since the recession took effect back in 2008 many had found themselves tightening their skills in order to stay fresh and employable, creating a conflict between youth, baby boomers and recent college graduates written by Constance Sorrentino and Joyanna Moy.

Constance Sorrentino is a supervisory economist in the Division of Foreign Labor Statistics, Bureau of Labor Statistics; Joyanna Moy is an economist in the same division.]

Generation Y's are facing challenges that may exceed the current resources available to them, but there are programs in place designed to be a great source of information, New York City's youth organizations ages 14 to 24 such as (DYCD) The Department of youth & community development created in the 90's combines community resources with employment preparedness. This organization is federally funded and generates information resources that cover a host of issues such as, runaway youth, homeless youth, summer youth employment services and fatherhood initiatives.

One of the data's startling revelations is the decline in workforce participation that has somehow created 1.929 million unaccounted and unemployed youth according to the Department of Labor.

Two questions comes to mind, Is it a matter of not enough jobs to go around or did most of these youth simply give up looking? Since the recession started in 2008 the outlook on job growth has changed from full-time being below pre-recession levels to part-time and seasonal becoming the norm. Many people found themselves having to go back into the work force taking jobs that would otherwise go to employing a student for the summer. Last year an analysis was made by the Center for American progress and the U.S. Bureau of Labor Statistics that stated that we have 10 million unemployed American youth that fall under the age of 25 larger than the population of New York City hands down.

These finding can only contribute to a reduced consumer demand, loss in revenue and a greater demand for government provided services in order to maintain and sustain oneself in one of the most expensive cities in the country.

For more information about job fairs and recruitment events, businesses should e-mail: DEWS.Business.Services@labor.ny.gov or call (800) HIRE-992.