Written: 11/7/09
I’ve been thinking a lot about my employment outlook lately, so I dug into the Bureau of Labor Statistics to see how others in my age group were fairing. I don’t think that anyone thinks that job market its that great especially towards recent graduates, but these stats highlight the bleak economic landscape that those graduating in 2010 will face.
Shocking Statistics:
- Only 37% of young adults (20-24) have full time employment (35 hours + per week), which is down from 53% in year 2000. Only 60% of adults (20-24) are employed (part time or fulltime), which is in stark contrast to the 53% of full time employment nearly 10 years earlier. This demonstrates the deterioration of the abilities of college graduates and young adults as a whole to support themselves and possibly their new families. You can see the effects of this underemployment in MTV’s Sixteen and Pregnant, where the older boy friends are unable to earn enough to support their newly formed families on blue collar wages.
- 40% of the young adults (20-24) are not working (unemployed or not seeking employment), this is up from 27% in year 2000. Again, this shows that this age group is no longer able to support itself on the economic conditions that exist today. There hasn’t been a huge cultural shift, since 2000, so the lack of employment is due to the scarce opportunities afforded to this age group.
- 36% of people between the ages of (20-24) were in college in 2008, up from 31.5% in 2000. No job? Stay in college.
- 41% more people (20-24) were unemployed in October 2009, than October 2008.

Unemployment rate of 20-24 year olds from 2009-2000 (taken in October of each month)
|
2009
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
2002
|
2001
|
2000
|
|
15.6%
|
10.6%
|
8.5%
|
8.4%
|
8.3%
|
9.7%
|
9.8%
|
10.0%
|
9.1%
|
6.7%
|
As you can see from the table, unemployment has basically doubled since 2007.
From October 2007 to October 2008, the total number of unemployed 20-24 year olds increased 26%. The following year (2008-2009) unemployment grew 41% for the same age group. The total population in that age group stayed aout the same each year. This shows the rapid collapse of economic opporunities for young Americans. The Bureau of Labor Statistics doesn’t have any information on how people of different educational backgrounds are faring, but I’d wager a guess people with college degrees aren’t faring that much better than the uneducated.
This is an 100% stacked bar graph to show the changes in the labor participation composition of the total population. The orange represents people that are not working at all, these people could be discouraged workers (people that have been beaten down by the labor market and aren’t bothering to do anything), people that work under the table, people that do unrecorded and uncompensated work (housewives and househusbands), college students who don’t work, and people that don’t do anything (which I would think is a very small faction). The other three cateogries should be pretty self explanatory, unemployed means that they’re seeking work but don’t have any, part time means they work less than 35 hours a week, full time means they work 35 or more hours each week. With the 100% bar graph, it’s important to keep in mind that no person is double counted, since for example you can’t be full time employed and unemployed at the same time.
The drop in labor participation (the orange part) rates represents workers that are no longer trying to find work in this economy and people who have made other lifestyle choices. For people in the ages 20-24, I don’t think there are a lot that have settled down into nuclear families, so I don’t think that the drop can be attributed to an increase of stay at home partners. One glaring number is that percentage of full time employed young adults dropped well below 50% for the first time in 2008 and continued to fall through 2009.
Feel free to run the numbers yourself. I got all my stats from the Bureau of Labor Statistics and the Census website. It was pretty easy to grab the tables and run them through excel.
| |
Labor Statistics of Americans 20-24,not seasonally adjusted (in thousands)
|
| |
Total Pop*
|
Full Time*
|
Part Time*
|
Unemployed*
|
In College**
|
|
Oct, 1986
|
19416
|
10765
|
2968
|
1537
|
4510
|
|
Oct, 1987
|
18789
|
10427
|
3041
|
1216
|
4648
|
|
Oct, 1988
|
18288
|
10256
|
2939
|
1145
|
4745
|
|
Oct, 1989
|
17901
|
9905
|
2838
|
1148
|
4738
|
|
Oct, 1990
|
18920
|
10153
|
3154
|
1312
|
4945
|
|
Oct, 1991
|
19027
|
9408
|
3511
|
1570
|
5243
|
|
Oct, 1992
|
18803
|
9156
|
3597
|
1502
|
5450
|
|
Oct, 1993
|
18582
|
9292
|
3524
|
1335
|
5267
|
|
Oct, 1994
|
18314
|
9206
|
3685
|
1173
|
5678
|
|
Oct, 1995
|
17709
|
8771
|
3439
|
1182
|
5438
|
|
Oct, 1996
|
17298
|
8684
|
3517
|
1090
|
5458
|
|
Oct, 1997
|
17470
|
8749
|
3596
|
1057
|
5842
|
|
Oct, 1998
|
17665
|
9252
|
3444
|
907
|
5653
|
|
Oct, 1999
|
18060
|
9547
|
3391
|
990
|
5740
|
|
Oct, 2000
|
18492
|
9914
|
3568
|
903
|
5852
|
|
Oct, 2001
|
19029
|
9672
|
3597
|
1258
|
6152
|
|
Oct, 2002
|
19522
|
9573
|
3737
|
1415
|
6452
|
|
Oct, 2003
|
19872
|
9375
|
4063
|
1413
|
6853
|
|
Oct, 2004
|
20247
|
9638
|
4196
|
1440
|
6926
|
|
Oct, 2005
|
20295
|
9789
|
4204
|
1240
|
7107
|
|
Oct, 2006
|
20270
|
9985
|
3890
|
1246
|
6841
|
|
Oct, 2007
|
20440
|
9799
|
4016
|
1266
|
7086
|
|
Oct, 2008
|
20459
|
9142
|
4375
|
1591
|
7340
|
|
Oct, 2009
|
20608
|
7724
|
4661
|
2243
|
|
*From the Bureau of Labor Statistics http://www.bls.gov/cps/
**From the US Census Bureau’s Current Population Survey taken in October http://www.census.gov/population/www/socdemo/school.html
Labor Statistics of Americans 20-24,not seasonally adjusted (in thousands) shows how many people are in the 20-24 age group (in thousands), how many of those people are employed full time, employed part time, unemployed, and in college. Keep in mind that people in college can be employed full time, employed part time or unemployed. It’s important to note that the population of this age cohort hasn’t changed much over the 23 time span, so you can estimate the percent changes just by comparing year to year changes in the total number of people in each category.
Side note: I’d bet that in 1986, fewer people in college worked. But that might just be my perspective coming from a state university where most people don’t have families that can completely support them.
| |
Year to Year Change in Labor Stats for 20-24
|
| |
Total Pop
|
Full Time
|
Part Time
|
Unemployed
|
In College
|
|
1986
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
|
1987
|
-3.23%
|
-3.14%
|
2.46%
|
-20.88%
|
3.06%
|
|
1988
|
-2.67%
|
-1.64%
|
-3.35%
|
-5.84%
|
2.09%
|
|
1989
|
-2.12%
|
-3.42%
|
-3.44%
|
0.26%
|
-0.15%
|
|
1990
|
5.69%
|
2.50%
|
11.13%
|
14.29%
|
4.37%
|
|
1991
|
0.57%
|
-7.34%
|
11.32%
|
19.66%
|
6.03%
|
|
1992
|
-1.18%
|
-2.68%
|
2.45%
|
-4.33%
|
3.95%
|
|
1993
|
-1.18%
|
1.49%
|
-2.03%
|
-11.12%
|
-3.36%
|
|
1994
|
-1.44%
|
-0.93%
|
4.57%
|
-12.13%
|
7.80%
|
|
1995
|
-3.30%
|
-4.73%
|
-6.68%
|
0.77%
|
-4.23%
|
|
1996
|
-2.32%
|
-0.99%
|
2.27%
|
-7.78%
|
0.37%
|
|
1997
|
0.99%
|
0.75%
|
2.25%
|
-3.03%
|
7.04%
|
|
1998
|
1.12%
|
5.75%
|
-4.23%
|
-14.19%
|
-3.24%
|
|
1999
|
2.24%
|
3.19%
|
-1.54%
|
9.15%
|
1.54%
|
|
2000
|
2.39%
|
3.84%
|
5.22%
|
-8.79%
|
1.95%
|
|
2001
|
2.90%
|
-2.44%
|
0.81%
|
39.31%
|
5.13%
|
|
2002
|
2.59%
|
-1.02%
|
3.89%
|
12.48%
|
4.88%
|
|
2003
|
1.79%
|
-2.07%
|
8.72%
|
-0.14%
|
6.22%
|
|
2004
|
1.89%
|
2.81%
|
3.27%
|
1.91%
|
1.07%
|
|
2005
|
0.24%
|
1.57%
|
0.19%
|
-13.89%
|
2.61%
|
|
2006
|
-0.12%
|
2.00%
|
-7.47%
|
0.48%
|
-3.74%
|
|
2007
|
0.84%
|
-1.86%
|
3.24%
|
1.61%
|
3.58%
|
|
2008
|
0.09%
|
-6.70%
|
8.94%
|
25.67%
|
3.58%
|
|
2009
|
0.73%
|
-15.51%
|
6.54%
|
40.98%
|
|
Year to Year Change in Labor Stats for 20-24 table shows the changes from year to year in terms of percent. So in 2008 there were 25.67% more unemployed people than in 2007.
| |
Economic Activity of 20-24 Year Olds (1986-2009)
|
| |
Employed (Part time + Full Time)
|
Not Working (Unemployed + Not Actively Searching for Work)
|
In College
|
Employed Full time
|
|
1986
|
70.73%
|
29.27%
|
23.23%
|
55.44%
|
|
1987
|
71.68%
|
28.32%
|
24.74%
|
55.50%
|
|
1988
|
72.15%
|
27.85%
|
25.95%
|
56.08%
|
|
1989
|
71.19%
|
28.81%
|
26.47%
|
55.33%
|
|
1990
|
70.33%
|
29.67%
|
26.14%
|
53.66%
|
|
1991
|
67.90%
|
32.10%
|
27.56%
|
49.45%
|
|
1992
|
67.82%
|
32.18%
|
28.98%
|
48.69%
|
|
1993
|
68.97%
|
31.03%
|
28.34%
|
50.01%
|
|
1994
|
70.39%
|
29.61%
|
31.00%
|
50.27%
|
|
1995
|
68.95%
|
31.05%
|
30.71%
|
49.53%
|
|
1996
|
70.53%
|
29.47%
|
31.55%
|
50.20%
|
|
1997
|
70.66%
|
29.34%
|
33.44%
|
50.08%
|
|
1998
|
71.87%
|
28.13%
|
32.00%
|
52.37%
|
|
1999
|
71.64%
|
28.36%
|
31.78%
|
52.86%
|
|
2000
|
72.91%
|
27.09%
|
31.65%
|
53.61%
|
|
2001
|
69.73%
|
30.27%
|
32.33%
|
50.83%
|
|
2002
|
68.18%
|
31.82%
|
33.05%
|
49.04%
|
|
2003
|
67.62%
|
32.38%
|
34.49%
|
47.18%
|
|
2004
|
68.33%
|
31.67%
|
34.21%
|
47.60%
|
|
2005
|
68.95%
|
31.05%
|
35.02%
|
48.23%
|
|
2006
|
68.45%
|
31.55%
|
33.75%
|
49.26%
|
|
2007
|
67.59%
|
32.41%
|
34.67%
|
47.94%
|
|
2008
|
66.07%
|
33.93%
|
35.88%
|
44.68%
|
|
2009
|
60.10%
|
39.90%
|
NA
|
37.48%
|
Economic Activity of 20-24 Year Olds (1986-2009) table shows the percentage of the population in each year at October that was in college, had any kind of employment, wasn’t working, or was full time employed. Look at the Employed vs not Working columns together, since each year’s Employed % + Not Working % should add up to 100%. The in college percent is there just so that you can compare the changes, since people in college can also be employed or not employed. I included a breakdown of the employment column to show the % that is full time employed, because I thought it was interesting that the percent of the population in college might exceed the percent of the population employed fulltime in 2009. The numbers aren’t out, but when the economy’s bad more people go to college, so I think that it’s plausible that the two will equal each other soon. The percent of people in college would only have to grow 4.4% from 2008 to equal the percent of the 20-24 year old population working full time. That’s not to say that people in college aren’t also working full time, but it’s an interesting statistic to look at over time.