Number of unemployed adults living with parents doubled since 2007
The economic downturn has postponed growing up, as millions of adult children are unemployed and stuck at home with Mom and Dad.
The number of jobless adult children living at home with their parents has doubled since 2007, from 1.3 million then to 2.5 million this year, according to Moody’s Analytics data cited by The New York Times.
Still, young Americans have been hit disproportionately hard by the economic downturn, largely because they have less job experience. The unemployment rate for 20- to 24-year-olds was 13.2 percent in October, according to the Labor Department: double the unemployment rate for workers aged 25 and older.
Even those young people that have jobs are often underemployed, with many stuck in part-time work or working in low-paying jobs that do not use their skills. Huffington Post
FACTS & FIGURES
Two-thirds of Americans are dissatisfied with the way things are going in the United States, according to a poll conducted by Gallup.
The U.S. unemployment rate rose to 7.9 percent in October from 7.8 percent the previous month, the Labor Department reported. Gallup
U.S. unemployment fell to 7.8% in September. But that doesn’t mean the other 92.2% of adults are working. The unemployment rate only measures people who have searched for jobs in September, while millions of other out-of-work Americans aren’t included. CNNMoney
Most Americans blame high unemployment, the federal budget deficit, rising poverty or some other economic issue as the root of their malaise. Others point to evidence of moral decline, health-care woes and a government that they claim is not up to snuff. LA Times
The U.S. economy likely would slide into a “significant recession” next year if Congress doesn’t avert tax increases and spending cuts set to begin in January, according to the Congressional Budget Office. WSJ