Did you know we have a youth unemployment problem?
Employers of every size in every sector lament the lack of skills available to them in the talent pool. Whether you’re reading reports from McKinsey, the Georgetown University Center on Education and the Workforce, or countless other research organizations, the message is all too similar: our post-secondary education system isn’t delivering enough degreed individuals to meet the demands of employers world-wide. And it’s only going to get worse. Something I’ve written about here, here and here.
But it isn’t just the post-secondary education system. The secondary system is doing even worse. The youth labor market has collapsed since 2000. The rate of overall youth employment in the teen population has fallen from 45% in 2000 to 26% in 2012 – a 42% drop, to the lowest point in post-World War II history. In 1989 the youth employment rate was 48.5%.
Here are some sobering statistics from research completed in 20120 by The Center for Labor Market Studies at Northeastern University for Jobs for America’s Graduates:
Chosen excerpts by Job Market Monitor