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By Annalyn Censky NEW YORK -- As the jobs crisis drags on, high unemployment could permanently damage the economic prospects of the world's youngest workers, the Organization for Economic Co ...
Youth unemployment also dramatically increases public spending at times when economies are struggling to remain competitive and social benefits increase along with an aging population. Youth unemployment has direct costs such as increased benefit payments, lost income-tax revenues and wasted capacity. [95] "
In the European Union, where a debt crisis followed the financial crisis, the youth unemployment rate rose to 18% last year from 12.5% in 2007, the ILO report shows." [178] In March 2018, according to US Unemployment Rate Statistics, the unemployment rate was 4.1%, below the 4.5–5.0% norm. [179]
There are many domestic factors affecting the U.S. labor force and employment levels. These include: economic growth; cyclical and structural factors; demographics; education and training; innovation; labor unions; and industry consolidation [2] In addition to macroeconomic and individual firm-related factors, there are individual-related factors that influence the risk of unemployment.
In Japan and South Korea, youth unemployment rates were at historic lows. The U.S. Bureau of Labor Statistics reported that youth unemployment in July was 9.8%, up from 8.7% the same period last year.
Youth unemployment is just one of the problems facing China, the world’s second-largest economy after the United States, as it recovers more slowly than expected from three years of pandemic ...
The increasing visibility of jobless young people "increases broader social acceptance and reduces stigma surrounding unemployment", said Columbia's Lu, allowing otherwise isolated youth to ...
Technological unemployment is the loss of jobs caused by technological change. [1] [2] [3] It is a key type of structural unemployment.Technological change typically includes the introduction of labour-saving "mechanical-muscle" machines or more efficient "mechanical-mind" processes (), and humans' role in these processes are minimized. [4]