September 27, 2009

CHANGE: “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. . . . A study from the National Longitudinal Survey of Youth, a government database, said the damage to a new career by a recession can last 15 years. And if young Americans are not working and becoming productive members of society, they are less likely to make major purchases — from cars to homes — thus putting the US economy further behind the eight ball. Angrisani said he believes that Obama’s economic team, led by Larry Summers, has a blind spot for small business because no senior member of the team — dominated by academics and veterans of big business — has ever started and grown a business.”

Plus this: “Labor Dept. statistics also show that the number of chronically unemployed — those without a job for 27 weeks or more — has also hit a post-WWII high.”

UPDATE: Reader Tom Hynes writes that BLS gives a teen unemployment rate of “only” 25 percent. Hmm. Could be different metrics. Or a typo? Anybody have an idea what’s going on?

ANOTHER UPDATE: More here: Confusing the unemployment rate with the “employment-population ratio?”

Comments are closed.