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Unemployment is sky-high for younger employees within the COVID-19 economic system, this week within the struggle on employees

The Great Recession dragged down Millennials, placing them years behind economically. Now, the COVID-19 recession is damaging another generation of young workers. Workers aged 16 to 24 sometimes have greater unemployment and underemployment than older employees (and bear in mind right here that you just solely depend as unemployed if you happen to’re looking for work—it’s not like this statistic counts youngsters who don’t wish to work), however “The general unemployment fee for younger employees ages 16–24 jumped from 8.4% to 24.4% from spring 2019 to spring 2020, whereas unemployment for his or her counterparts ages 25 and older rose from 2.8% to 11.3%,” the Economic Policy Institute stories. “Spring 2020 unemployment rates were even higher for young Black, Hispanic, and Asian American/Pacific Islander (AAPI) workers (29.6%, 27.5%, and 29.7%, respectively).”

That’s not only a drawback now. It places younger individuals behind the curve on getting job expertise, it means money owed can construct up sooner, and “Research on prior recessions finds substantial proof that employees who enter the labor market throughout an financial downturn are scarred for a few years. These unfortunate employees usually tend to expertise decrease earnings, higher earnings instability, and extra spells of unemployment in the long run in contrast with comparable people who entered the labor market in higher instances.”

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