Us Economy Analysis

Although the economy has gained strength and overall labor market conditions have improved in recent months, younger workers have continued to struggle finding work.

Historically, young workers (ages 16 to 24) face considerably higher unemployment rates than prime age workers (ages 25 to 54). Even before the recession began, one out of every eight young workers was unemployed, a rate of unemployment more than two and a half times that of prime-age workers. While the gap narrowed during the recession, young workers saw their unemployment rate climb steadily and still have a significantly higher unemployment rate than prime-age and older workers.(see figure1)

The unemployment rate of young workers decreases with age and educational attainment [see Figure2]. the younger teen workers (16 and 17 year olds) are experiencing the highest rate of unemployment.

In my presentation, I want to discuss the principle of the unemployment rate are increased by age in young workers.

Among young workers, greater educational attainment—a high school diploma or some college coursework—can greatly reduce the probability of being unemployed. Between April 2007 and

April 2010, young workers who have no high school diploma, and not currently enrolled in school, their unemployment rate had been increased from 19.7 percent to 33.0 percent. The unemployment rate for the young workers with a high school diploma but no college course work increased 11.4 percent to 24.6 percent in the same period. The unemployment rate went up from 5.0 percent to 14.1 percent for the Young works have been college but no degree. However, the young works who have a bachelor’s

Degree or more, the unemployment rate only increased from 3.7 percent to 8 percent. As a result, we can see that even young works that only have a high school diploma, they also can reduced the possibility being unemployed from one in three to one in four. Earning a four-year college degree reduced the probability even further, to one in twelve.

In conclusion, although all young workers in the US are facing a high unemployment rate but a higher education background helps to reduce the risk of being unemployed.