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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.
The 2007–8 financial crisis and subsequent 'Great Recession' particularly affected young people trying to make their way from education into the labour market at a time of economic uncertainty and upheaval. This is the first volume to examine the impact of the Great Recession on the developmental stage of young adulthood, a critical phase of the life course that has great significance in the foundations of adult identity. Using evidence from longitudinal data sets spanning three major OECD countries, these essays examine the recession's effects on education and employment outcomes, and consider the wider psycho-social consequences, including living arrangements, family relations, political engagement, and health and well-being. While the recession intensified the impact of pre-existing trends towards a prolonged dependence on parents and, for many, the precaritization of life chances, the findings also point to manifestations of resilience, where young people countered adversity by forging positive expectations of the future.
Not since the Great Depression of the 1930s has the United States faced such a prolonged period of high unemployment and underemployment. Recovery from the "Great Recession" that began in 2008 has been slow, and is projected to remain sluggish over the next several years, while another shock to the global economy could erase the meager gains of the past months. Economic conditions remain fragile and employment challenges show no sign of letting up. With persistently high unemployment and underemployment-and growing inequality in wages-an increasing number of American families are no longer adequately supported by employment income and basic benefits. Many older workers have "retired" before they are ready, and many young workers cannot find a foothold in the job market. A silent crisis is underway, with huge social and economic costs for the nation. Working and Living in the Shadow of Economic Fragility examines the current state of employment through historical, macroeconomic, cultural, sociological and policy lenses, in order to address fundamental questions about the role and value of work in America today. The book offers suggestions for how to address the short- and long-term challenges of rebuilding a society of opportunity with meaningful and sustaining jobs as the foundation of the American middle-class.
"This article reviews the effects of the Great Recession on youth labour markets. We argue that young people aged 16-24 have suffered disproportionately during the recession. Using the USA and UK as case studies, we analyse youth unemployment using microdata. We argue that there is convincing evidence that the effects of unemployment when young impose costs on individuals and society well into the future. Though the effects of current policies on youth unemployment are uncertain, there is still a strong case for policy intervention to address the difficulties that the young are having in accessing employment."--Abstract.
A large percentage of workers and firms operate in the informal economy, outside the line of sight of governments in emerging market and developing economies. This may hold back the recovery in these economies from the deep recessions caused by the COVID-19 pandemic--unless governments adopt a broad set of policies to address the challenges of widespread informality. This study is the first comprehensive analysis of the extent of informality and its implications for a durable economic recovery and for long-term development. It finds that pervasive informality is associated with significantly weaker economic outcomes--including lower government resources to combat recessions, lower per capita incomes, greater poverty, less financial development, and weaker investment and productivity.
"Work Scared draws on nearly twenty-five thousand interviews with employed and unemployed Americans conducted from 1998 to 2012. These voices of American workers tell a compelling story about wrenching structural changes and recessions during one of the most volatile periods in U.S. economic history. This book represents one of the most comprehensive social science research portraits of the views of American workers about their jobs, the workplace, and government's role in the labor market. Working Sacred will help citizens, policy makers, educators, businesses, unions, and community leaders betters understand what is happening to the U.S. workforce. It also describes the essential national priorities and policies that will assist frustrated, angry, and scared American workers and the reforms that will help restore the American dream of secure employment and intergenerational progress."--Jacket.
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.
The Oxford Handbook of Economics and Human Biology provides an extensive and insightful overview of how economic conditions affect human well-being and how human health influences economic outcomes. Among the topics explored are how variations in height, whether over time, among different socio-economic groups, and in different locations, are important indicators of changes in economic growth and economic development, levels of economic inequality, and economic opportunities for individuals. The book covers a broad geographic range: Africa, Latin and North America, Asia, and Europe. Its temporal scope ranges from the late Iron Age to the present. Taking advantage of recent improvements in data and economic methods, the book also explores how humans' biological conditions influence and are influenced by their economic circumstances, including poverty. Among the issues addressed are how height, body mass index (BMI), and obesity can affect and are affected by productivity, wages, and wealth. How family environment affects health and well-being is examined, as is the importance of both pre-birth and early childhood conditions for subsequent economic outcomes. Reflecting this dynamic and expanding area of research, the volume shows that well-being is a salient aspect of economics, and the new toolkit of evidence from biological living standards enhances understanding of industrialization, commercialization, income distribution, the organization of health care, social status, and the redistributive state affect such human attributes as physical stature, weight, and the obesity epidemic in historical and contemporary populations.