Bad Timing, Worse Future: Young people and unemployment
One of the more disturbing aspects of the jobs crisis is what it does to young people just entering the job market. Studies show that people who first enter the job market during a recession often never catch up economically.
As the Real Time Economics blog puts it:
For young people trying to find work — both men and women — the scars of their early-career unemployment could last a lifetime. Mr. James notes that the early years of a career are meant to be a critical period for developing new skills, advancing up the job ladder and boosting earnings. On average, Mr. James says, two-thirds of lifetime wage growth come in the first 10 years of a person’s career. Millions of unemployed young people are missing out on those opportunities.