Monday, April 13, 2009

Does it pay to be young?

In today's New York Times, the concern of baby boomer's long term unemployment during the recession is recognized. Although many unemployed professionals over 45 looking for jobs have more experience than younger applicants, according to the Bureau of Labor Statistics, unemployed people over the age of 45 were out of work for an average of 22.2 weeks while younger unemployed average 16.2 weeks out of work.

Even when jobs are attained, there is usually a steep drop in pay in contrast to younger employees.

However, there is some advantage for older workers. Government statistics show that workers over 45 experience a smaller rate of unemployment.

Being a college student during the current U.S. recession, it's hard not to wonder if there will be any employment opportunities after graduation. After all the money spent for a college degree and sleepless nights to get an A, it's hard to grasp the possibility that there might not be a reward for all the effort. It is good to hear that younger workers are unemployed for a shorter amount of time but, unfortunately, unemployment is still a huge issue for all ages regardless of your perspective.

1 comment:

  1. Graduating college right now during our country's recession is a very scary thought. Regardless of age I believe unemployment is an issue that is spreading far too quickly affecting a mass majority of the population whether you're 17 to 47. The devastating number of unemployed people is a tragic reminder of the unstable state our economy is undergoing and the impact it has on America's population of ALL ages. How will a 17 or 18 year old student find a job to support their school funds if they are paying for college? Or how about a graduating senior find a job when workers who have been at their jobs for years being laid off? Every person is affected by this recession.