Young people aged 15-24 are a key consumer group, which have been badly hit by unemployment in most countries since the start of the global economic downturn in 2008 and the profits of many consumer goods companies have been hit as a result. Western Europe had the highest average youth unemployment rate in 2013 at 21.7% of the economically active population aged 15-24. Yet many emerging markets like South Africa and Chile saw their youth unemployment rates decline from 2008-2013.
Chosen excerpts by Job Market Monitor. Read the whole story at Where is Youth Unemployment Rising and Falling Globally? – Analyst Insight from Euromonitor International.
A Youth Guarantee scheme, inspired by the national scheme in Finland, will be introduced by each EU country according to its individual need. It will apply to young people who are out of work for more than four months. It aims to give them a real chance to further their education, or get a job, apprenticeship … Continue reading
During the EU’s Council summit, German Chancellor Angela Merkel admitted during the EUs Council summit that the EU’s Youth Employment Initiative YEI, launched a year ago, has so far been a failure. Asked by journalists during her press conference Friday afternoon 27 June, Merkel said that youth unemployment is “clearly” one of the areas that … Continue reading
The Great Recession was particularly devastating for America’s young workers. Nearly 6 million 16- to 24-year-olds neither have jobs nor are pursuing a degree. This disconnect can have a “scarring effect,” which can negatively impact their long-term employment prospects and lifetime earnings. In her new paper Elisabeth Jacobs analyzes the crisis of youth unemployment and … Continue reading
Youth unemployment has left “a generation scarred”, according to a House of Lords report out today. With the rate of young jobless in the EU still at nearly double its pre-crisis level, and the UK experiencing exceptionally high levels of unemployment, the report calls on the Government to rethink the way it uses European funding. … Continue reading
The EU underestimated just how big an impact the austerity measures would have on the economies of the member states. Europe’s economy remains relatively closed, which means that countries rely on trade with each other, so when countries all start to tighten fiscal policies at the same time, the impact is multiplied. Not surprisingly the … Continue reading
Key economic indicators seem to point toward Korea making a solid recovery. The country’s output has been growing thanks to exports. Its consumer spending has picked up on the back of growing welfare financing by the government. Still, Asia’s fourth-largest economy is finding it hard to create jobs for college graduates, even while they pull … Continue reading
How can the transitional government begin to address youth unemployment in light of low growth? In the two decades prior to the 2011 uprising, Tunisia has grown at a steady rate, but the economy failed to produce jobs. Unemployment increased in 2011 to over 18 percent and remains high at around 17 percent. There are … Continue reading
The world could face years of jobless economic recovery, with young people set to be hit hardest as global unemployment continues to rise this year, a report from the International Labour Organisation warns. As the World Economic Forum kicks off in the Swiss town of Davos on Wednesday with a focus on growing inequality, the … Continue reading
Italy’s unemployment rate rose to a record high of 12.7 percent last November, revealed the National Institute of Statistics (ISTAT) on Wednesday, with some 55,000 people losing their jobs during the month. Continue reading
Decades of economic data on youth joblessness shows that: 1) lack of work early in an individual’s career leads to lower future wages; and 2) entering the job market during a recession scales up individual challenges to entire generations. The data is as solid as it is disturbing Continue reading