Unemployment reached a 26-year high in the U.S. in October of 10.2 percent, and teenage workers are especially hard hit. Data from the U.S. Department of Labor show that teen unemployment has risen to a record 27.6 percent.
Not only has teen unemployment increased by 33 percent since last October, but the percentage of teens participating in the labor force, those who are looking for a job or currently have one, fell to 36.2 percent, its lowest point since recordkeeping began in 1948.
The hardest hit teenage group is young African-Americans, for whom the unemployment rate rose to 41.3 percent, an increase of nearly 28 percent from 2008, and over 4 times the national average.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info