I have chosen to share an article that strategically breaks down the labor market experience for young adults since the pandemic began in early March. As a young adult and a soon to be graduate, this topic weighs heavy on my heart and mind.
The article I attached found that young adults from the ages of 16 to 29 make up less than a quarter of the labor force, yet they accounted for about a third of the rise in the unemployment rate between February and April. It is common for a spike in unemployment within young adults to happen during a recession, but we have never seen an increase as high as 13% so quickly (Aaronson & Alba, 2020).
It is disheartening to see that research is showing college graduates who have the lowest predicted earnings (based on school and major) suffer the most during a typical recession. The article says they usually experience a loss of 8 percent of cumulative earnings in their first 10 years (Aaronson & Alba, 2020).
On the positive side for my classmates and I receiving our MBA, research does prove that young adults with higher education are able to bounce back quicker because they are more viable to organizations.
Aaronson, S and Francisca, A. “Unemployment among Young Workers during COVID-19.” Brookings, Brookings, 10 Sept. 2020, www.brookings.edu/research/unemployment-among-young-workers-during-covid-19/.