Whether or not the recession will be ending soon seems to depend on who a person talks to. Certainly most of the 91.8 million who are no longer employed would say that the end can’t come soon enough. The above number is a fresh all time high in regard to the unemployed. The other side of that argument would be that the unemployment rate has dropped to 6.7 percent, and so things are improving. While most people would still say that’s high, the fact is that in spite of how many are no longer even in the work force, that number is the lowest seen in quite a while — though that doesn’t necessarily suggest true improvement.
Nevertheless, lower unemployment doesn’t necessarily mean an easier time finding a job for those who still need one and are determined to get it. There were only 74,000 jobs added in December, and over the course of all of 2013, only 2.2 million were added overall – which isn’t any more than what was added in 2012. The majority of jobs that were added were retail and wholesale trade.
Another thing that complicates matters for those trying to find a job is that when 8.7 million jobs were lost over the course of 2008-2009, there was never a complete recovery of all of those lost jobs. In a best case scenario where 200,000 jobs were added per month, financial analysts are saying that it would take five years to get to pre-recession job availability.
Adults between the ages of 18-29 are the age group being impacted the most by unemployment. Their group alone is experiencing about 16 percent unemployment. To make matters even more frustrating for them, 66 percent of hiring managers wouldn’t hire those who had gotten their bachelor’s by 2012 for even entry level positions because the hiring managers felt that people in that age group had not been properly prepared for the work force.
Because the recession hasn’t left Millennials with the broad opportunities that the baby boomers have enjoyed, Millennials will be forced to think outside of the box. One plus in all of this for them is that they may become the generation with the most creatively self-employed workers.