New Report Highlights Youth Unemployment Crisis for Young New Jerseyans
By Mel Fabrikant Saturday, August 31, 2013, 06:47 PM EDT
In New Jersey, the Unemployment Rate for Young Adults is 18.3 Percent, Nearly Double the State’s Overall Rate
In a time of across-the-board budget cuts, dismal job prospects continue to leave young Americans unsure about their economic future. Currently, young adults face a national unemployment rate of 15.6 percent, more than twice the national average. In New Jersey, the outlook is bleak, where the overall share of young New Jerseyans with a job dropped from 61% in 2005 to 53% today.
Today Young Invincibles released a comprehensive analysis of unemployment for young New Jerseyans. The fact sheet, GET THE FACTS About Youth Unemployment in New Jersey, gives an in-depth look into how economic opportunity for young adults in New Jersey has fallen drastically in the past decade, illustrating that:
• The proportion of young workers in New Jersey employed full-time has dropped 5 percentage points since 2005.
• The average annual income for a young adult in New Jersey ages 25 to 34 has dropped over $5,100 since 2005.
• The state’s employment population ratio for young adults ages 18 to 24, or the overall share of young New Jerseyans with a job compared to the state’s total population, dropped from 61% in 2005 to 53% today.
Studies show that the inability to gain early work experience dims career prospects for a lifetime; if we do not act now, this crisis could have far-reaching economic consequences for all New Jerseyans. Young Invincibles is leading the charge to solve this issue by conducting a national tour to highlight the need to continue to push for policies that double down on workforce training and higher education that will safeguard our country’s economic future. For information please visit http://jobs.younginvincibles.org/ .