Young people just aren't working these days. Between 2000 and 2018, the workforce participation rate for ages 16 to 19 fell from about one half of the population to one third, according to a new study from the Brookings Institution. The participation rate for ages 20 to 24 dropped from almost 80 percent to about 71 percent,
The drop in younger workers will continue into 2028, according to Bureau of Labor Statistics projections. The labor force participation rate for the 16- to 24-year-old age group is projected to shrink by 3.5 percent from 2018 to 2028, the agency said.
As a result, just over half of the young working population (51.7 percent) will be part of the workforce by 2028. That’s a 14 percent drop from the rate in 1998, when almost 66 percent of the 16- to 24-year old demographic had a job or was looking for one. It remains to be seen what effects these drops will have on our economy - and our society.
No comments:
Post a Comment