Desperate, is one way of describing the way some young Americans feel in the sluggish economy. Most employers say they want people with experience, but most of people being so young don't have any. Internships are easier to come by, but jobs that actually pay are near impossible for 16-24 year olds to get.
The promise of the American dream and a future to look forward to seem like pipe dreams. Over the last three years the unemployment rate for 16-24 year olds has been higher than any time on record. Over 17% of America's youth are jobless.
Even the college graduates of 2010 faced a record 9.1% unemployment rate when they finished school. But for those with only a high school diploma the unemployment rate more than doubles. Some are crediting youth unemployment with why so many have the time to occupy cities across the globe.
But its not just the United States that is being effected, all the world's largest developed economies have seen sharp increases in youth unemployment since 2007, except for Germany. The numbers for European nations is staggering, in 2010 unemployment for 16-24 year olds was 28% in Italy, 33% in Greece and over 41% in Spain. In the United States youth unemployment was 26%.
Studies show that being unemployed at a young age means several years of lower earnings and an increased likelihood of unemployment in the future.
The U.S. economy added 80,000 jobs in the month or October. The jobs slightly eased the unemployment rate down to nine percent. This number was fewer than the 158,000 positions created in September. There are still 14 million Americans unemployed. To keep up with population growth the U.S. economy has to add about 150,000 jobs each month.