College-Age Americans Face Permanent Hit With Few Job Prospects

"America’s youngest workers started the year with a rare opportunity to slingshot their careers in the hottest job market in decades.

They’ll end 2020 facing some of the nation’s bleakest employment prospects and the most volatile job market ever for recent college graduates.

The unemployment rate for young people age 20 to 24 was 12.5% in September, the highest among adults. Joblessness for them peaked at nearly 26% at the height of the pandemic in April – quadruple the level two months earlier – a bigger jump than in any previous recession back to the 1940.

Although the overall U.S. labor market is gradually improving, it remains far below its pre-pandemic health. Jobless claims fell to 787,000 in the week ended Oct. 17 at the same time that the number of Americans on extended unemployment benefits rose, according to Labor Department data.

Economists say the longer that young people are forced to delay their careers, the worse their prospects will be in the future to hold a job, accumulate wealth, or even get married or start a family." …

My daughter was surprised to land a job photographing newborns at our local hospital, the month after she graduated college in May. But then it turns out the hospital wouldn’t let the photography company in yet due to COVID. So she waited and waited and waited… and is still waiting. :frowning: Now she’s looking for other work in her field without luck. She has decided to apply for grad school in art history, but professors are telling her they are accepting fewer students than usual for fall 2021.

At least the good news is she has gotten a ton of money from unemployment, ha. Much more than she’s earned her entire life.