In April, U.S. unemployment is at 5.4% on a periodic accustomed basis, hitting the lowest rung in seven years. Additional jobs in April were lesser than analyst expectations, but, the indicators are robust for U.S. job market. An average wage increase was noted during the just-released economic data from U.S. agencies. Though, the job market remained strong in the last three quarters, indicating a higher hiring prospect for all sectors, the U.S. department of Labor said.
According to the Bureau of Labor Statistics, the data has not changed in April, compared to the figures noted in March 2015. But, the current 5.4% unemployment rate is 4.6-percent lower than the unemployment recorded in October 2009, when it reached 10%, Friday’s jobs report said.
But a teenage or young adult, have a significant job market improvement compared with older adults. Our analysis of the current employment statistics discovers that, more than half, about 50.9% of the country’s 8 million unemployed people are from the age of 16 and 34, even though that sector comprises just over a third of the labor force of civilian.
In a sense, that inequality signifies a return to standard patterns. The youngest age units have consistently the highest unemployment rate since 2000. But while unemployment flew on almost all age clusters during the Great Recession, the youngest work force was hit extraordinarily hard. In 2010, unemployment for 16 to 19 years old, averaged 25.8%, and among the 20 to 24 years old it ran to 15.5%.
In fact, the recession spread out unemployment a little bit more equally across the age groups. In December 2007, during the uttermost of the last business cycle, 53.2% of the unemployed were from ages 16 to 34, and 35.4% were from ages 35 to 54. When non seasonal adjusted unemployment peaked, the youngest adults’ share fell by 47.4%, while the 35-to-54 year old share climbed to 38.9%, in January 2010.