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Young becoming "lost generation" amid recession

Source: cbsnews.com READ FULL ARTICLE AT cbsnews.com

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Call it the recession's lost generation.
In record-setting numbers, young adults struggling to find work are shunning long-distance moves to live with Mom and Dad, delaying marriage and buying fewer homes, often raising kids out of wedlock. They suffer from the highest unemployment since World War II and risk living in poverty more than others — nearly 1 in 5.

New 2010 census data released Thursday show the wrenching impact of a recession that officially ended in mid-2009. It highlights the missed opportunities and dim prospects for a generation of mostly 20-somethings and 30-somethings coming of age in a prolonged slump with high unemployment.

"We have a monster jobs problem, and young people are the biggest losers," said Andrew Sum, an economist and director of the Center for Labor Market Studies at Northeastern University. He noted that for recent college grads now getting by with waitressing, bartending and odd jobs, they will have to compete with new graduates for entry-level career positions when the job market eventually does improve.

"Their really high levels of underemployment and unemployment will haunt young people for at least another decade," Sum said.

Poverty continues to rise in U.S., now 15.1%
South, West lead U.S. in marriage and divorce
New data shows soaring wealth gap among races

Richard Freeman, an economist at Harvard University, added, "These people will be scarred, and they will be called the 'lost generation' — in that their careers would not be the same way if we had avoided this economic disaster."

Beyond the economy's impact, the new figures also show a rebound in the foreign-born population to 40 million, or 12.9 percent, the highest share since 1920. The 1.4 million increase from 2009 was the biggest since the mid-decade housing boom and could fuel debate in this election season about U.S. immigration strategy.

Most immigrants continue to be low-skilled workers...

Full article: Young becoming "lost generation" amid recession

More About: Career Path Unemployment Hiring Recession Economy

Nov 26 2011 submitted by Susan Copper

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