Skip to comments.US And European Teen Unemployment Remain Appallingly High (But US Has Far Lower Participation)
Posted on 10/31/2013 7:58:39 AM PDT by flyingtabby
According to OECD, teen unemployment rates (under 25) in Europe continue to escalate, particularly in Greece and Spain.
That is scary looking! It reminds me of The Whos song Teenage Wasteland.
But, the US is no slouch when it comes to teen unemployment. The 16-19 cohort is seeing an unemployment rate of 22.60% while to 20-24 cohort is experiencing 12.80% unemployment. For the sake of comparison, I also included Germany teenage (under 25) unemployment which is 7.70%.
For the entire population, here is a chart of labor force participation in Germany, Spain, USA and Mexico.
Even beleaguered Spain has a higher and growing labor force participation than the US and Mexico.
High under 25 unemployment in the US is putting downward pressure on the real median household income.
Today, the Bloomberg consumer confidence index fell to -37.6. For all the cries of It was the government shutdown!, bear in mind that consumer confidence has not been above 0 since 2000. Its a trend, not a 2 week event.
In fact, the local scholarship committee for one of the $1000 per year awards asked her if she had made an error in listing her college tuition as $4000 rather then $40,000. They were impressed that she had the sense to research and attend in a distant state where tuition was about 1/10th the price of a local Carnegie-Mellon or Duquense University.
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