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Young high school and college graduates were hit hard in the Great Recession.
Many groups—including young graduates of color, as well as young high school graduates entering the workforce—face particularly difficult economic realities. This report looks at trends in unemployment, underemployment, and wages of young high school and college graduates to paint a picture of the economy facing the Class of Introduction and key findings The Great Recession has had lasting effects on employment prospects of young people entering the workforce after graduating from high school or college.
Despite officially ending in Junethe recession left millions unemployed for prolonged spells, with recent workforce entrants such as young graduates being particularly vulnerable. The slow pace of the recovery has meant that eight classes of students have graduated into an acutely weak labor market and have had to compete with more-experienced workers for a limited number of job opportunities.
This is on top of the fact that graduates since have confronted suboptimal labor market conditions, resulting in stagnant wages and limited job opportunities. This paper focuses on recent high school age 17—20 and college graduates age 21—24 who are not enrolled in further schooling.
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Due to the progression of the economic recovery and a substantial improvement in the unemployment rate, members of the Class of currently have better job prospects than the classes of — In addition, wages of young high school and college graduates have failed to reach their prerecession levels, and have in How do levels of analysis help stagnated or declined for almost every group since Unemployment of young graduates remains elevated today, but not because of something unique about the Great Recession and its aftermath that has affected young people in particular.
Rather, it is high because young workers always experience disproportionate increases in unemployment during periods of labor market weakness—and the Great Recession and its aftermath is the longest, most severe period of economic weakness in more than seven decades.
The vast majority Access to good jobs for these individuals is especially critical, as stable employment allows them to build a career or pay for further schooling.
Unemployment and underemployment rates among young graduates have improved but remain higher than before the recession began. For young college graduates, the unemployment rate is currently 5.
For young high school graduates, the unemployment rate is Rather, it stems from weak demand for goods and services, which makes it unnecessary for employers to significantly ramp up hiring. This indicates that many graduates are unable to take the two main paths—receiving further education or getting more work experience—that enable future career success.
Among young college graduates, 9. Among young high school graduates, The overall unemployment rates and idling rates of young graduates mask substantial racial and ethnic disparities in these measures. The unemployment rates of young black and Hispanic graduates are substantially higher than the unemployment rates of white non-Hispanics, for both young high school graduates and young college graduates.
Young black college graduates currently have an unemployment rate of 9. The share of young black and Hispanic graduates who remain unemployed and not enrolled in further schooling is substantially higher than that of white graduates.
Wages of young college and high school graduates are performing poorly—and have experienced little to no growth since Among young high school graduates, women are currently paid 92 cents for every dollar paid to men, while among young college graduates, women are paid 79 cents for every dollar paid to men.
It is noteworthy that stark wage disparities between men and women occur even at this early part of their careers, when they have fairly comparable labor market experience. Gender wage inequality among college graduates has grown since Young male college graduates earned 8.
These gender wage discrepancies are likely driven by men at the top of the wage distribution earning more than ever before and driving up the average male wage. The quality of jobs for young graduates has deteriorated in recent decades. Injust Pension coverage among working college graduates age 21—24 fell from Updating the overtime salary threshold the level below which all workers are eligible for overtime pay would result in nearly one million additional young workers receiving overtime pay for the extra hours they work.
From the — enrollment year to the — enrollment year, the inflation-adjusted cost of a four-year education, including tuition, fees, and room and board, increased Between andthere was a 92 percent increase in the number of student loan borrowers and a 74 percent increase in average student loan balances according to the Federal Reserve Bank of New York.
Why this matters Graduating in a weak economy has long-lasting economic consequences. For the next 10 to 15 years, those in the Class of will likely earn less, and have more spells of unemployment, than if they had graduated when job opportunities were plentiful.
How we can fix it The policy solutions to improve the job prospects of young high school and college graduates and raise their wages are the same solutions needed to help all workers.Your task analysis may have several levels of inquiry, from general to very specific.
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