Young and jobless

January 10, 2009 | By Kim Walker

Young folks have been hard hit by the economy. Sure, seniors may have lost but imagine kids who have just finished school and trying to get a first job in this climate! (and yet business creatures-of-habit will no doubt continue to prioritize younger sements over the more lucrative 50+ group).

 

Here are a few stats from a recent survey of 22 countries:

 

China:

• 6.1 million fresh graduates due to join the labour market this year
• 1.5 million graduates of last years batch of 5.6 million still unemployed
• 9% unemployement rate for new graduates
• Starting pay has stagnated in the past 3 years
• 1 in 10 college students are prepared to work for free for a few months just to get a job

 

Malaysia:

• 145,000 new graduates and diploma holders compete for jobs each year
• 25,000 graduates estimated to lack technical and soft skills
• 4.5% unemployment rate expected this year, up from 3.5% last year

 

India:

• 2.5 million graduates join the workforce each year
• 10% growth needed for the country to absorb growing workforce but estimated growth is just 7%

 

Japan:

• 22% of firms plan to hire fewer graduates this year – the first cut in five years
• 85,000 non-regular workers expected to lose their jobs between last October and this March

 

Singapore:

• 17,300 jobless people under 30 form 31% of the total jobless
• 4.1% unemployment is the highest among all age groups. National average = 2.8%

 

Europe:

• 25% of educated youth unemployed in France, Germany, Italy, Spain and Greece

 

USA

• 20.6% unemployment rate for 16~19 year olds (Nov 08) up from 15.7% the previous year
• 10.4% unemployment for 20~24 age group, up from 7.7% (7.3% for 25~29 up from 5%)