It’s been five years since the recession ended, but the effects are still being felt, especially among young people.
A new report by the Economic Policy Institute, a liberal think tank, shows 1 in 5 high school graduates and 1 in 10 college grads aren’t working, and they’re not in school either.
Even those simply approaching graduation don’t face great prospects.
The institute says those young people will “join a sizable backlog of unemployed college graduates from the last five graduating classes, in an extremely difficult job market.”
And once they actually get hired, the problems aren’t over either.
Recent high school grads make an average of $9.82 an hour–11 percent lower than what they would have in 2000.
College grads are making more–about $16.99 an hour. But again, that’s quite a bit lower than their predecessors. Plus, employers overall aren’t being as generous with benefits as they once were.
The report warns that it is possible to overcome these setbacks, but that it could take 10 to 15 years.
It is an unfortunate situation for millennials for something that essentially comes down to unlucky timing.