by Bill McBride on 5/31/2010 08:54:00 PM
Monday, May 31, 2010
State and local governments, traditionally among the biggest seasonal employers, are knee-deep in budget woes, and the stimulus money that helped cushion some government job programs last summer is running out. Private employers are also reluctant to hire until the economy shows more solid signs of recovery.Click on graph for large image.
So expect fewer lifeguards on duty at public beaches this summer in California, fewer workers at some Massachusetts state parks and camping grounds and taller grass outside state buildings in Kentucky.
For summer jobs, this will probably be the worst year since the Great Depression.
This graph shows the unemployment rate for workers 16 to 24 years old (from the BLS), and the headline unemployment rate (blue). The unemployment rate hit a record 19.6% in April for this group.
This probably ties into the recent NY Times article on overwhelming student debt. When I was in college, I was able to find summer jobs that helped me pay my way through college (of course I walked 10 miles through the snow and all that too). Times have really changed ...
Posted by Bill McBride on 5/31/2010 08:54:00 PM