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Thu May 9, 2013, 10:24 AM

The Global Youth Jobless Crisis:

A Tragic Mess That Is Not Getting Any Better

Europe's unemployment inequality is simply astonishing. Germany's jobless rate for young people is 8.2 percent. In Greece, it's 54.2 percent.

Elevated and lasting unemployment is an awful thing, anywhere, and for anyone. But it is awful in a special way for young people, cutting them off from networks and starting salaries at the moment they need to forge connections and begin to cobble together a career.

A new study from the International Labor Organization takes a global tour of youth joblessness and finds that what's gone up won't come down in the next five years. The youth unemployment rate* among the richest countries is projected to flat-line, rather than fall, before 2018. As a result, the global Millennial generation could be uniquely scarred by the economic downturn. Research by Lisa Kahn has showed that people graduating into a recession have typically faced a lifetime of lower wages.





http://www.theatlantic.com/business/archive/2013/05/the-global-youth-jobless-crisis-a-tragic-mess-that-is-not-getting-any-better/275696/

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