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New labor stats: Young Americans hardest hit by unemployment

Why do Americans under the age of 30 have the highest unemployment rate? Matthew Segal, founder of the non-profit OUR TIME, says it's time to take action.

Don’t employers want vibrant, energetic, youthful workers anymore? The latest statistics from the Bureau of Labor show that America’s youth is the hardest hit when it comes to unemployment.

July numbers show that about 16.6 percent of 18 to 24-year-olds are unemployed right now.

10.8 percent of 25 to 29-year-olds are also out of work.

Unemployment is significantly higher for people under 30 than any other age range. Only people 30 to 34-years-old come close with an unemployment rate of 8.4 percent.

25-year-old Matthew Segal says he founded the non-profit organization OUR TIME to stand up for Americans under 30. In fact, he’s calling on members of Congress to cancel their vacations immediately and get back to work on unemployment during a time when young adults are struggling to nail down careers.

“Discern your best talent and market the hell out of it! Just get out there and begin networking like crazy,"Segal recommends to young adults. "Jobs and opportunities often arise from the least expected places. Also, volunteer frequently. Those positions often turn into job offers if the employer likes you.”

Segal says he’s concerned about the future ramifications for young people who are unemployed right now.

“Even more worrisome are the studies that show early unemployment being linked to lower income, broken families, and decreased happiness later in life.”

OUR TIME features a “Buy Young” section on its website, offering discounts up to 60 percent on products from young companies. Segal says the young companies featured have already created a combined 7,000 jobs.

“We believe it’s important to support them because they look out for OUR TIME's constituency, Americans under 30. They grow fast and hire young," says Segal. “Their companies have social agendas aimed at improving communities. And they are rethinking old business models and changing corporate cultures.”

 
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