Last labor report in the U.S. was not exactly great. Workforce participation rate in August was 66.4%, a decline from 67.7% in July, and down from 68.1% in August 2012, according to official data. One of the most problematic aspects of these numbers is that youth unemployment rate remains higher than the national average. The effective unemployment rate for 18- to 29-year-olds, which adjusts for labor force participation by including those who have given up looking for work is 16 percent, while the (U3) unemployment rate for 18- to 29-year-olds is 11.8 percent. More than 10 million youth are unable to find full-time work, a recent analysis by the Center for American Progress concluded last June.
“As the summer draws to a close, young people are no better off than we were three months ago,” said Evan Feinberg, president of national, nonpartisan youth advocacy organization Generation Opportunity. “Practically all of the jobs created this summer were part-time, and precious few even went to young people. Worse, the looming threat of Obamacare offers employers little incentive to transition any of those jobs into full-time positions.
Experts warn that teen unemployment poses immediate and long-term risks and economic damage to the country.