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Posted May 06, 2013 by

Unemployment Amongst Young Adults Dragging Down Economy

John Challenger of Challenger, Gray & Christmas

John Challenger of Challenger, Gray & Christmas

The latest employment report revealed a job market that is most definitely improving.  That is, unless you are under the age of 20 or you have been out of work for more than six months.

Youth and long-term unemployment are not only inflating the unemployment rate, but they are a drag on the economic recovery.  According to an unpublished table of non-seasonally adjusted data from the Bureau of Labor Statistics, 4,488,000 Americans in April have been out of work for at least 27 weeks.  Of those, more than 3,000,000 (3,085,000) have been jobless for a year or longer.  “This prolonged unemployment takes a significant toll on the economy, not only in lost spending, but in lost tax revenue.  If politicians are truly concerned about reigniting the economy and fixing the deficit, getting these people back on payrolls should be the top priority,” said John A. Challenger, chief executive officer of global outplacement consultancy Challenger, Gray & Christmas, Inc.  (more…)

Posted March 09, 2012 by

227,000 Jobs Added in February But Unemployment Rate Sticks at 8.3%.

Bureau of Labor StatisticsNonfarm payroll employment rose by 227,000 in February, and the unemployment rate was unchanged at 8.3 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in professional and businesses services, health care and social assistance, leisure and hospitality, manufacturing, and mining.

Household Survey Data

The number of unemployed persons, at 12.8 million, was essentially unchanged in February. The unemployment rate held at 8.3 percent, 0.8 percentage point below the August 2011 rate. (more…)