15% of young people are unemployed in the US, which is approximately twice the national average. This is equivalent to over four million people under the age of 25 reportedly being willing and able to work but unable to find jobs, according to 2013 numbers from the US Bureau of Labor Statistics. An additional four million young people are underemployed, in which they work part-time when they desire full-time jobs, or in jobs that are below their employment qualifications. This decline in employment rates for young people is thought to be the result of less job opportunities for those without college degrees, which could be due to the increasing cost of higher education.
More about the youth unemployment rate:
- Approximately 14% of females under the age of 25 are unemployed, compared to 17% of males.
- Young people with college educations are up to 12% more likely to have jobs.
- It is estimated that unemployed young people may cost the US economy up to $25 billion US Dollars (USD) each year mainly due to less taxes collected, according to a 2014 Young Invincibles advocacy group study.