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Posted on 07/03/2024 5:48:09 AM PDT by Red Badger
KEY POINTS
* Although the unemployment rate is just 4%, there is a growing share of young adults not working.
* “NEETS” are opting out of the labor force by choice.
* Others, referred to as “new unemployables,” are struggling to find employment despite their best efforts.
===================================================================
Although the unemployment rate has spent 30 months at or below below 4% — a near record — not everyone who wants a job has one. And not everyone even wants a job at all.
Some, referred to as “NEETs,” which stands for “not in employment, education, or training,” are opting out of the labor force largely because they are discouraged by their economic standing.
Others, alternatively, are well-qualified but often younger candidates who are struggling to find positions, comprising a contingent of “new unemployables,” according to a recent report by Korn Ferry.
Among 16- to 24-year-olds, the unemployment rate rose to 9% in May, which is “typical,” according to Alí Bustamante, a labor economist and director of the Worker Power and Economic Security program at the Roosevelt Institute, a liberal think tank based in New York City.
Although the youth unemployment rate fell below 7% in 2023, according to the U.S. Bureau of Labor Statistics, such lows were “emblematic of how hot the labor market was at that point,” Bustamante said.
“9% is basically what we should be expecting during relatively good economic times for younger workers,” he added.
‘NEETS’ feel ‘left out and left behind’ Still, some young adults in the U.S. are neither working nor learning new skills.
In 2023, about 11.2% of young adults ages 15 to 24 in the U.S. were considered as NEETs, according to the International Labour Organization.
In other words, roughly one in 10 young people are “being left out and left behind in many ways,” Bustamante said.
Even though “that’s typically the norm,” he said, “we should be expecting these rates to be lower.”
Young men, especially, are increasingly disengaged, according to Julia Pollak, a labor economist at ZipRecruiter.
“The NEET trend is mostly a male phenomenon,” she said.
Pollak explained that’s in part due to declining opportunities in traditionally male occupations, such as construction and manufacturing, while “women’s enrollment in schooling, education outcomes, and employment outcomes have mostly trended upwards.”
‘Talent hoarding’ has led to ‘new unemployables’ According to Korn Ferry’s report, a “perfect storm” has also created a glut of “new unemployables,” or highly trained workers who struggle to find job opportunities.
“Employers are holding on to the talent they have and increasingly focusing on talent mobility,” said David Ellis, senior vice president for global talent acquisition transformation at Korn Ferry.
This “talent hoarding” has led to fewer available job openings even for well-qualified candidates, he said.
At the same time, firms are scaling back on new hires, limiting the opportunities at the entry level, as well.
While the teen employment rate is the highest it has been in over a decade, early 20-somethings are struggling to find jobs, Pollak said. “It’s the 20- to 24-year-olds that saw a massive drop off in the labor force participation during the pandemic, and who have lagged behind ever since.”
Overall, hiring projections for the class of 2024 fell 5.8% from last year, according to a report from the National Association of Colleges and Employers, or NACE.
As more candidates compete for fewer positions, stretches of unemployment are also lengthening. Now, the number of people unemployed for longer than six months is up 21%, Korn Ferry found.
‘Unemployable’ to employable Despite those trends in the job market, “all is not lost,” Ellis said.
“Don’t wait to reach out,” he advised. Get back in touch with former employers or colleagues through LinkedIn or email and set up informational interviews. After that initial approach, ask for any job leads or contacts.
In the meantime, make yourself more visible by writing about noteworthy topics in the industry and updating your resume to include keywords and so-called “title tags,” which highlight important elements at the top.
Finally, don’t limit yourself to roles that include a promotion or a raise, Ellis also advised. Rather, aim for a “career lattice,” which could entail taking lower position to gain skills that will pay dividends later.
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Never Employed Eccentric Teens?
My first real summer job after paper routes at 16 was as a weekend janitor at a restaurant.
My first weekend on the job, I did such a great job, they fired the regular week guy and gave me his job.
What got me the gig was he was just a lazy ass guy. Didn’t do much ‘cleaning’ at all.
The women’s restroom was atrocious. It smelled awful. All he ever did was just empty the trash can. The men’s room wasn’t any better.
Since they opened to the outside, I took a water hose and connected it to our 80 gallon hot water tank and just hosed everything down after spraying it with industrial strength 409-type cleaner.
The waitresses were ecstatic. They had never seen it so clean in years and years.
They told the manager that he should hire me full time, so he did!.................
More like ‘Entitled’ than eccentric. 😊👍
Don’t work, don’t eat.
That’s how it’s done. Hard work and ingenuity.
“Although the unemployment rate has spent 30 months at or below below 4% — a near record”
Complete BS.
Employment by native born workers has dropped significantly since 2019 while employment by foreign born workers has surged.
The number of part time jobs and temporary jobs has surged.
“boys stay home cuz mommy! lets them.”
I was home a week after my discharge in 70’ when Mom said ‘when you gettin’ a job?’. So much for laying around in Moms basement.
By their choice. And if they loot, shoot 'em.
We always called them freeloaders
That IS how it SHOULD work. “Don’t work, don’t eat”...but that be “mean”
that’s not happening nowadays!
What has changed is the level of publicity driven by internet access. They are now protagonists of a politically useful narrative.
IF ANY OF YOU TRULY BELIEVE BIDEN’S UN EMPLOYMENT NUMBERS-—
I HAVE A GARDEN OF EDEN TO SELL YOU HERE IN N NEVADA HIGH DESERT——WHERE EVERYTHING IS SAND/SAGE/TUMBLEWEEDS/CHEAT GRASS/ & RICE GRASS. LIZARDS for free.
THESE NUMBERS HAVE BEEN HOGWASH FOR A VERY LONG TIME.
IF ANY OF YOU TRULY BELIEVE BIDEN’S UN EMPLOYMENT NUMBERS-—
I HAVE A GARDEN OF EDEN TO SELL YOU HERE IN N NEVADA HIGH DESERT——WHERE EVERYTHING IS SAND/SAGE/TUMBLEWEEDS/CHEAT GRASS/ & RICE GRASS. LIZARDS for free.
THESE NUMBERS HAVE BEEN HOGWASH FOR A VERY LONG TIME.
BIDEN CALLED THE JOBS THAT PEOPLE COULD RETURN TO AFTER COVID LOCKDOWN-——”NEW JOBS”.
NOT NEW-—”RETURNING AFTER LOCKDOWN”.
Just as the elites wanted.
THE LEGACY of “PARTICIPATION TROPHIES”.
And parents being friends, not parents.
A few thoughts I have...
Government sees working men as ATM and with the tranny homo feminazis running everything they HATE men. Why be part of it.
Entry level “men’s” jobs are hard work. Illegal aliens take those jobs keeping the pay low. When I started out at an entry level job the same hourly rate was paid back then as it is now.
I would assume these boys are living at home with their single mom.
Who can afford to move out? With millions of illegal aliens and welfare queens getting paid to live in apartments housing costs are insane. The past couple cities I lived in housing costs has gone up 10 fold, at least. Rents, forget it. Every rental here (north Idaho) has an illegal or a single mom in it paid for by tax dollars. One use to be able to buy a house here working at the lumber mill or salad dressing place. Now, forget it.
This story was written be Korn Ferry. Nephew of Korn Pop. Things are rough......
here’s an offensive thought .,...
the vast majority of women regardless of marital status or motherhood, hold jobs outside of the home. so do their husbands if they are married.
that’s 2 jobs. how many jobs can the american economy create?
that’s 2 taxable incomes per family. that drives up costs of everything.
women are expected to work now, and are deemed slouches for not bringing enough to the table if they choose to raise their own children and work at being a wife and mother.
and the women who have given up the idea of marriage and children to go work for corporate and the irs instead ....
if we had a revolution and women in huge numbers decided the better place for them was to be taking care of their own kids and communities .....
but that’s a lot to even think about.
i won’t mention my disgust at the feminization of corporate america and how even remote working has been ruined by the women put in top positions. if you know what i mean, you know what i mean.
it’s no wonder men are disgusted. the only ones succeeding are uber liberal stiletto kissers - and the more incompetent, the better - am i right?
but yeah, imagine if a lot of women walked out. the job market might breathe a little easier.
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