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Young adults in the United States have experienced higher rates of unemployment and lower rates of labor force participation than the general population for at least two decades. The Great Recession exacerbated this phenomenon. Despite a substantial labor market recovery from 2009 through 2014, vulnerable populations--including the nation's young adults--continue to experience higher rates of unemployment. Meanwhile, changes in labor market conditions, including globalization and automation, have reduced the availability of well-paid, secure jobs for less-educated persons, particularly those jobs that provide opportunity for advancement. Furthermore, data suggest that young workers entering the labor market are affected by a long-running increase in the use of "contingent" work arrangements, characterized by contracted, part-time, temporary, and seasonal work. This book summarizes insights from the Survey of Young Workers and related research in the field; and it frames policy and research issues for future consideration by the Federal Reserve Board and others interested in young workers.
We test for heterogeneity in the effects of the COVID-19 recession on young workers by estimating month-by-month effects of the pandemic on labor market outcomes among workers aged 15-19 and aged 20-24. We use CPS data from January 2016 to June 2021, limiting the sample to childless individuals who lack a college degree. In the younger group (aged 15-19), we observe the expected sharp reduction in outcomes at the start of the pandemic, followed by a return to pre-pandemic levels of work hours, employment, and labor force participation starting in September 2020, with outcomes even surpassing pre-pandemic levels in April and May 2021. In the older age group (20-24-year-olds), however, work hours, employment, and labor force participation were still lagging below pre-pandemic levels as of June 2021. As of June 2021, weekly earnings and hourly wages were higher than typical pre-pandemic levels for that month for both age groups. Although we cannot test directly whether enhanced UI programs have played a role in these differences by age group, our findings show that within the 15-24-year-old age group, there is significant heterogeneity in labor market recovery from the COVID-19 recession.
Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.
America has entered a new era. The Great Recession of 2007-09 completely altered the way our society approaches employment. The economy is placing an increasing emphasis on knowledge and technology. Our world is becoming more globalized and interconnected than ever. It is undeniable: our world is changing. Change is a good thing, but it can also be painful, and I believe that Millennials have born the pain of these historic shifts more than any other group. Since the start of the Recession, the unemployment rate for young adults has been significantly higher than the national average. Total student debt in America exceeds $1 trillion dollars. And young people continue to face serious challenges in obtaining meaningful employment. Despite these obstacles, I believe young people have the power to achieve success in this new era. But this will require major shifts in how we approach education, what we expect from our government, and how we plan our own careers. This book is a reflection of the trends and tribulations that have made up this post-Recession era, and offers guidance on how to build meaningful, dynamic careers. It is a collection of the important conversations young people (and those who advise them) need to have in order to grasp success in a new economic age. We are the future of America. I believe the future is bright if we decide to act now.
While overall unemployment has declined, the unemployment rate remains nearly twice as high for young people 16 to 19 years of age and nearly three times as high for those aged 20 to 24. Rates of unemployment and underemployment are nearly two to three times higher for Black and Latino youth. In Youth, Jobs, and the Future, Lynn S. Chancer, Mart n S nchez-Jankowski, and Christine Trost have gathered a cast of well-known interdisciplinary scholars to confront the persistent issues of youth unemployment and worsening socio-economic precarity in the United States. The book explores structural and cultural causes of youth unemployment, their ramifications for both native and immigrant youth, and how middle- and working-class youth across diverse races and ethnicities are affected within and outside the legal economy. A needed contribution, this book locates solutions to youth unemployment in economic and political changes as well as changes in cultural attitudes.
Working through the Crisis documents how the Great Recession affected employment outcomes in developing countries and how those countries' governments responded. The chapters comprise a unique compilation of data and analysis from different sources, including an inventory of policies implemented during the crisis, among countries in Latin America, Eastern Europe, Asia, and Africa. The effects of the crisis depended on the size of the shock, the channels through which it was manifested, the structure of institutions in the country--especially labor institutions--and the specific policy responses undertaken. Although these factors resulted in differing outcomes among the countries studied, common patterns emerge. In terms of impacts, overall adjustments involved reductions in earnings growth rather than in employment growth, although the quality of employment was also affected. Youth were doubly affected, being more likely to experience unemployment and reduced wages. Men seemed to have been more severely affected than women. In most countries where data are available, there were no major differences between skilled and unskilled workers or between those living in urban and rural areas. In terms of policy responses, this crisis was characterized by a high prevalence of active interventions in the labor market and the expansion of income protection systems, as well as countercyclical stimulus measures. When timed well and sufficiently large, these stimulus measures were effective in reducing adverse employment effects. Specific sectoral stimulus policies also had beneficial effects when they were well targeted. However, social protection and labor market policy responses were often ad hoc, and not in line with the types of adjustments workers experienced. As a result, these policies and programs were typically biased toward formal sector workers and did not necessarily reach those who needed them the most. In retrospect, there is a sense that developing countries were not well prepared to deal with the effects of the Great Recession, and that the further development of social protection systems is crucial to better protect workers and their families from the next crisis.
Racism and discrimination have choked economic opportunity for African Americans at nearly every turn. At several historic moments, the trajectory of racial inequality could have been altered dramatically. But neither Reconstruction nor the New Deal nor the civil rights struggle led to an economically just and fair nation. Today, systematic inequality persists in the form of housing discrimination, unequal education, police brutality, mass incarceration, employment discrimination, and massive wealth and opportunity gaps. Economic data indicates that for every dollar the average white household holds in wealth the average black household possesses a mere ten cents. This compelling and sharply argued book addresses economic injustices head-on and make the most comprehensive case to date for economic reparations for U.S. descendants of slavery. Using innovative methods that link monetary values to historical wrongs, William Darity Jr. and A. Kirsten Mullen assess the literal and figurative costs of justice denied in the 155 years since the end of the Civil War and offer a detailed roadmap for an effective reparations program, including a substantial payment to each documented U.S. black descendant of slavery. This new edition features a new foreword addressing the latest developments on the local, state, and federal level and considering current prospects for a comprehensive reparations program.