|In conversations with Marketplace Morning Report hosts Bill Radke and Steve Chiotakis, Stephan Richter explores intriguing angles on the global economy.|
The Young and the Jobless
The global economic crisis is taking a significant human toll all around the world, particularly among today's young generation. We wonder:
Which of these countries faces the highest unemployment rate among its population below 25 years of age?
The correct answer is D. According to Eurostat, Spain's youth unemployment has risen dramatically, to 41.7% in September 2009. That compares to 26.2% a year ago. This is the highest youth unemployment rate in the developed world.
A key reason for this is the fact that, even in the boom times, young people in Spain were only offered fixed-duration work contracts and thus faced a high degree of uncertainty in the formative start-up phase of their career.
In fact, many young people in Spain, if they are lucky enough to have some employment at all, label themselves somewhat derogatively as "mileuristas" meaning people with an income of €1,000 a month (approximately $1,500).
The youth unemployment rate in Spain is far worse than in other wealthy countries. For example, the rate stands at 9.6% in Japan, 10.4% in Germany, 24.5% in France and 20.2% for the EU as a whole.
In comparison, the
rate in the United States is 18.1% a quite significant increase
from 13.4% about a year ago. As of mid-2009, the unemployment rate for
young men in the United States at 19.7% is slightly higher
than the 17.3% recorded for young women.
For young African Americans, however, the rate stands at a staggering 31.2%. This compares with 21.7% for young Hispanics. Meanwhile, young whites and young Asians are essentially at par, at 16.4% and 16.3%, respectively.
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