A new study by Rutgers University revealed that unemployment of young people under 25 is actually over 50%, as in Europe, when considering only those who are not in college.
A large number of this youngest workforce cohort are effectively escaping unemployment by remaining in college — piling up unpayable student debt — because there are 2 million fewer jobs for 1.7 more eligible workers of that age, than there were 5 years ago.
When only those 16-25 year-olds who are out of school are considered, their unemployment and underemployment is WORSE than it was in the midst of the deep economic plunge of 2009.
For high school graduates since 2006, who are out of school: 70% are underemployed, only 30% (classes of 2006 through 2011) have found full-time employment, according to a new Rutgers University report. The numbers are particularly dire for students who graduated after 2008, with only 16% employed full-time.
For college grads of the classes of 2006-2011: 53% are underemployed or unemployed. So 47% of graduates over the past five years have full time jobs, whereas this was 74% in 2000. Some 30% of these graduates are completely jobless and 23% have part-time positions. Fully 1 in 6 of these graduates have quit looking for work altogether, says the study.
This, while college education rates have risen during that decade; so the only "benefit" of it to the growing number of students, has been unpayable student debt, now a bubble of over $1 trillion in size.