Youth Unemployment: One In Eight Global Youths Will Be Unemployed This Year, Report Says


Around the world, a generation is coming of age and finding nowhere to work.

Globally, one in eight young people will be unemployed this year, according to a recent report by the International Labour Organization. That adds up to 75 million jobless youths between the ages of 15 and 24: Six percent more than in 2007. The global youth unemployment rate this year will be 12.7 percent.

Youth unemployment is worst in the Middle East and North Africa, where one in four youths are unemployed, according to the report. Young people have the best chance of finding a job in South Asia, where one in 12 youths are unemployed.

But the recession hit young people in rich countries the hardest, according the report. The number of unemployed youths in wealthy countries spiked 27 percent between 2008 and 2011.

Many young people around the world are stuck in temporary, part-time, or low-productivity work, which diminishes their earnings prospects. About 30 percent of European youths are trapped in part-time jobs, according to the report.

American young people are facing similar prospects, even if they have college degrees. Half of all recent college graduates in the U.S. lack a full-time job, according to a recent study by Rutgers. And nearly half of the recent college graduates that are employed are working in jobs that don't require a college degree.

And young people in southern European countries hit by the European debt crisis may be faring worse. The youth unemployment rate has reached a staggering 51 percent in Greece and in Spain.

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