Center for American Progress. April 5, 2013.
Nearly everyone has struggled in the wake of the Great Recession, but young Americans have suffered the most. While others have slowly returned to work, the unemployment rate for Americans ages 16–24 stands at 16.2 percent, more than double the national rate of unemployment. And even when this group eventually starts earning a paycheck, the impact of their unemployment will follow them for years. According to a new analysis by the Center for American Progress, young Americans will lose a staggering $20 billion in earnings over the next decade. [Note: contains copyrighted material].
http://www.americanprogress.org/wp-content/uploads/2013/04/AyresYouthUnemployment1.pdf [PDF format, 8 pages].
Knowledge @ Wharton. March 13, 2013.
Can technology set off a new boom in job creation? The question is a fundamental one for the American economy given that policy makers in Washington often look to the technology sector to pick up the slack in the employment market. Meanwhile, the fortunes of Silicon Valley start-ups continue to be closely followed, in part because of the spectacular wealth they can generate for their founders, but also because of the assumption that these new companies are a significant source of new employment. So it will likely disappoint many people that four prominent economists assembled for a recent panel discussion to explore the link between technology and job creation were, in large part, bearish in their outlook. Some went so far as to suggest that technology actually increases unemployment and adds to other problems in the U.S. economy, notably the growing wage disparities between an extremely elite group of earners and everyone else. [Note: contains copyrighted material].
Congressional Budget Office. February 3, 2013.
Economic growth will remain slow this year, CBO anticipates, as gradual improvement in many of the forces that drive the economy is offset by the effects of budgetary changes that are scheduled to occur under current law. After this year, economic growth will speed up, CBO projects, causing the unemployment rate to decline and inflation and interest rates to eventually rise from their current low levels. Nevertheless, the unemployment rate is expected to remain above 7½ percent through next year; if that happens, 2014 will be the sixth consecutive year with unemployment exceeding 7½ percent of the labor force–the longest such period in the past 70 years.