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WASHINGTON (AP) — Call it the recession's lost generation.
In record-setting numbers, young adults struggling to find work are shunning long-distance moves to live with Mom and Dad, delaying marriage and buying fewer homes, often raising kids out of wedlock. They suffer from the highest unemployment since World War II and risk living in poverty more than others — nearly 1 in 5.
New 2010 census data released Thursday show the wrenching impact of a recession that officially ended in mid-2009. It highlights the missed opportunities and dim prospects for a generation of mostly 20-somethings and 30-somethings coming of age in a prolonged slump with high unemployment.
We have a monster jobs problem, and young people are the biggest losers," said Andrew Sum, an economist and director of the Center for Labor Market Studies at Northeastern University. He noted that for recent college grads now getting by with waitressing, bartending and odd jobs, they will have to compete with new graduates for entry-level career positions when the job market eventually does improve.
"Their really high levels of underemployment and unemployment will haunt young people for at least another decade," Sum said
Richard Freeman, an economist at Harvard University, added: "These people will be scarred, and they will be called the 'lost generation' — in that their careers would not be the same way if we had avoided this economic disaster."
In all, the employment-to-population ratio for all age groups from 2007-2010 dropped faster than for any similar period since the government began tracking the data in 1948.
Originally posted by gravytrain
I am interested in what degree the people on here have or are trying to get who are unable to find a job. I am wondering if there is a correlation between unemployment and a certain types of fields/degrees that people are graduating into. So if you dont mind humoring me can you please tell me what your degree major is/will be?