While U.S. unemployment has hit a 26 year high of 9.8%, spare a thought for young Americans aged between 16 and 24 who are not studying – more than half are unemployed.
The New York Times reports for this group, getting a job and moving out of the family home will take a quite a while, fueling little demand for housing and causing more strain to a recovering economy :
A study from the National Longitudinal Survey of Youth, a government database, said the damage to a new career by a recession can last 15 years. And if young Americans are not working and becoming productive members of society, they are less likely to make major purchases — from cars to homes — thus putting the US economy further behind the eight ball.
This can only add to the worries of a slow recovery stemming from the high level of household debt that needs to be paid back, before households can begin sustainably spending again.
» The dead end kids – New York Post, 27th September 2009.