The jobless rate for teens stands at an all-time high of 27.6% as opportunities for young workers dwindle.
NEW YORK (CNNMoney.com) -- Americans of all ages are being hurt by the weak job market, but the nation's teens are in a particularly bad spot.
The unemployment rate for teenagers in the labor force soared to 27.6% in October, up 1.8 percentage points from the month before and hitting a third straight record high, the Labor Department said Friday.
That compares with a 10.2% jobless rate for the nation at large.
"What we're seeing is a very tough market for everyone, but teens in particular who are looking for work just can't seem to find it," said Jim Borbely, an economist at Labor Department.
The surge in unemployment among 16 to 19 year-olds comes as the weak economy has forced a growing number of adults to compete for jobs that teens normally fill in industries such as retail and food service.
That's a big problem for teens, who are generally seen as less qualified than adults because they have fewer years of work experience.
At the same time, older workers with families and mortgages typically elicit more sympathy from employers than teens, who are seen as mostly interested in pocket money.
Given the challenges facing teens in the workforce, many have chosen to give up looking for a job altogether.
According to Labor Department statistics, the participation rate -- the percentage of teens who work -- fell to 36.2% in October, which was the lowest since record keeping began in 1948.
"Because of this dearth of opportunities, many teens aren't even bothering to look for work," said Sophia Koropeckyj, an economist at Moody's Economy.com who specializes in labor issues.
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Raise unimployment insurance even higher, raise minimum wage another $1 or $2, redistribute the wealth some more and maybe we can hit an all time high. WAY TO GO POLITICIANS!!!!
ReplyDeleteWho cares about the teen unemployment rate? Get your butt in school and learn some real skills before you take up space at a job that an older person could probably be doing better.
ReplyDeleteEveryone should care about the teen unemployment rate. 16-19 is the time that begins to define a person, gently breaking them into the working world. It is at this age that young adults learn responsibility, the value of work, individualism, time management, how to budget, etc. A wave of unemployed teens today means a wave of unemployed or unskilled 20-somethings in a few years, who have never had a job, might have been unable to afford college without a job, and who are unfortunately good for little to nothing. They will drain our socialized society; your wealth will be redistributed to them. Even now, it is striking that many employers, despite record numbers of job applicants, are unable to find "good help."
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