Youth Unemployment and the emergence of the discouraged job seeker

Young people remain particularly stricken by the global financial crisis. Currently, some 73.8 million young people are unemployed globally and the slowdown in economic activity is likely to push another half million into unemployment by 2014.

The youth unemployment rate – which had already increased to 12.6% in 2012 – is expected to increase to 12.9% by 2017. The crisis has dramatically diminished the labour market prospects for young people, and many experience long-term unemployment right from the start of their labour market entry, a situation that was never observed during previous cyclical downturns.

Currently, some 35% of all young unemployed have been out of a job for six months or longer in advanced economies. As a consequence, an increasing number of young people have become discouraged and have left the labour market. Long spells of unemployment and discouragement early on in a person’s career also damages their long-term prospects, as professional and social skills erode and valuable on-the-job experience is not built up.

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Youth Unemployment Outlook – August 7th 2012

Do ILO regulations contribute to youth unemployment?

The African Development Bank has claimed that labour regulations were “excessively rigid” and contributed to youth unemployment.

South Africa’s DA presents plan to tackle youth unemployment.

This is the second in a series of five thematic plans to grow the nation’s economy and create jobs. Helen Zille’s party’s campaign to tackle youth unemployment includes a voucher scheme for potential entrepreneurs, a youth wage subsidy and a programme for apprentices.

Scotland’s youth jobless rate reaches 49 per cent

In March this year, Scottish Borders Council missed out on Scottish Government funding worth £9 million to tackle youth unemployment.

South Tyneside’s UcanB program tasked with tackle growing problems created by rising youth unemployment

The project is targeted at young adults who have left school with little or no qualifications.

In China prospects for educated workers gets worse

The Chinese media is rife with tales of overeducated young people taking jobs as cashiers, assembly-line workers, even “night soil collectors.”