There has been little doubt that employment has been improving in the US. From the trough three years ago 5M jobs have been created. That’s not enough to fill the 12M or so that need to be created, but it’s a start – and it’s been steady progress. But who is being left behind as the situation (very) slowly improves?
The most important group are the young who are looking for their first job. Those 20-24 have a lifetime of expectations and habits created by the start of their career, and by any measure their outlook is not good. While the economy transforms itself into whatever will create the next wave of opportunity the young are being left behind. This is true throughout the developed world, particularly in Greece and Spain, but the problem is also acute here. Let’s start by defining the problem.