Youth unemployment has remained at near record levels with more than one in five young people out of work. The simple truth is that there are not nearly enough jobs available for the many millions of out-of-work or under-worked men and women who need them.
The total number of young people not in education, employment or training is also at a record high and nearing a million. The figures show also that Wales has the highest proportion of unemployed young people, 22.5% of 16-24s. In one hand, the reason is a lot more young people have chosen to stay in education.
The youth unemployment rate has broadly been edging up by 0.2-0.4 pps per month since March of last year, which is a much slower rate than the steep rises at the beginning of 2009. In January it increased by only 0.1 pps to reach 20.9 %, up 3.2 pps on January 2009 and up 6.2 pps compared to the low of March 2008. The marked increase in the youth unemployment rate since spring 2008 has been driven mainly by a very sharp rise in the rate for young men, who account for more than two-thirds of the increase in youth unemployment since then.
The latest unemployment figures from the Office for National Statistics (ONS) showed the under-25s and women workers are bearing much of the pain in Britain’s jobs market, while average earnings continued to lag behind inflation. Economists told , that the unexpected fall in the total number of people out of work, which cut the UK’s jobless rate is from 8% to 7.8%.
For example, youth unemployment sits at 25 percent in Egypt and 15 percent in Syria; in the United States, 18 percent of people ages 16-24 are unemployed. And while that’s more of pressing problem in the Middle East, where youth make up a much larger share of the population, the question of why we’re doing so little about it remains.
Overall, young people account for one-fifth (21.3 %) of the total increase in unemployment since 2008, although youth unemployment as a share of total unemployment decreased slightly from around 25 % in 2008 to just below 24 % in January 2010.
In the long term, our education system has been slipping at preparing students for jobs with scientific, technical, and engineering prerequisites, and that needs to change.