Teen unemployment skyrockets
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.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Drew Brees settles lawsuit alleging investment fraud
- Doctor convicted of using phony church for tax shelter
- Ex-Delta mayor indicted, accused of stealing city property
- Cochran's legal counsel asks Court to toss McDaniel's lawsuit
- Williams-Sonoma expanding, adding nearly 1,000 jobs
- Ex-baliff wants pay or her job back after termination
- More than half-dozen groups file charter school applications
- State Rep. Patterson switches from Democrats to GOP
- Biloxi baseball project still alive but may be held for 2015