August 22, 2011 Labor Force Participation Rate Particularly Low for Young People
According to the Bureau of Labor Statistics, the percentage of labor force participation among young people continues to fall at a faster rate than that of older Americans. Since the recession began, the LFP rate of Americans aged 16-19 fell 7.6% and 20-24 year-olds saw a drop of 3.9%, whereas the rate for Americans aged 25-54 only fell only 1.6% and the those 55 and older actually increased their LFP rate by 1.3%.
This can partially be explained by the fact that older Americans are remaining a part of the labor force longer than they originally expected and high unemployment rates have led to increased competition for what have typically been considered entry level positions, leaving younger, less-experienced candidates at a disadvantage.
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