According to data from the Bureau of Labor Statistics, 14% of young people aged 18-29 are unemployed and seeking work. If we add this rate to the number of people who are unemployed but not seeking a job, the total is 37%, a rate many say is reminiscent of the same age group in the Great Depression. Yet, surveys show most millennials remain optimistic about their future in the workplace . So what are young people doing about such bleak prospects in the job market?
Some have turned to their creative, entrepreneurial sides. A NY Times article from 2009 spoke to young people’s increasing interest in entrepreneurship, resulting in an “unleashing” of talent and ideas. A recent Duke alum, Alex Andon started his own company building jellyfish aquariums. Another recent grad was laid off from a PR agency and started working on Confoodant, a start-up website for food enthusiasts. In addition, FastTrac, an organization that provides training for entrepreneurs, says they expect participation to double this year.
Facing a dismal job market, others have looked to the military to gain valuable work experience and give back to their country. Pentagon data shows that the number of new recruits with bachelor’s degrees jumped by almost 17% in 2010. Many recent college grads said that joining after school allowed them to receive benefits such as free medical care and housing immediately, something many private employers in this economy would not have been able to provide.
Similar to those who have joined the military, young college grads took advantage of opportunities to give back to their country by applying for service programs such as the Peace Corps or Habitat for Humanity. City Year had a record number of applicants for the 2009 school year, 7000 for 1550 positions. Teach for America saw a 30% increase in applicants this year with many students citing the tough job market as one of the reasons as to why there was an applicant increase.
Yet, there are still others who have decided to head to graduate school or have been forced to move back in with their parents. Do you have your own story? What do you think should be done by your community, elected officials, the federal government, or others to alleviate hiring troubles for young people? How does such a change in economy affect our generation?
