Overall, young adult unemployment increased from 15.7 percent in 2007 to 23.5 percent in 2013. Almost half the young adults who had jobs were working part-time or on temporary contracts.
Early in 2013, European Leaders committed 6 billion euros (more than $7.7 billion at current rates) for a Youth Employment Initiative. It seems to have had a slowish rollout.
2014 -- Even Worse
By the middle of this year, youth unemployment rates were as follows:
Greece 58.3%
Spain 55.5%
Croatia 49.7%
Italy 46.0%, and over 60% in the south of the country
Cyprus 38.9%
Portugal 37.7%
Slovakia 33.7 %
Youth unemployment in Ireland declined, from 26.6% in July 2013 to 23.2% in July 2014. The trend line is good, but it must be hard for young people to celebrate a 23.2% unemployment even so.
The only countries with unemployment rates under 10 percent for young adults were Germany (7.9%) and Austria (9.2%.)
Social Consequences
Unemployment at these levels obviously affects young people's decisions. Unable to move out of their parents' homes, they delay marriage and family formation.
Suicides rates are up, and birth rates are down. Students with college, and even advanced degrees, find there is no work for them. Some emigrate to other countries, and it is likely that more would be willing to do so. But there are few countries in need of young workers.
Greece has been working to reduce public employment, a part cause of its unpayable national debt, but the effect is fewer opportunities for any workers, especially young adults. Italy, where the rise in youth unemployment has been particularly sharp this year, is considering policies like quantitative easing in the United States.
All of Europe is concerned and eager to make new jobs for young people.
Unfortunately, no secret sauce has been found that will solve the problem.
On the Up Side
Things could be worse. These hard luck young people could be living in North Africa.
More on that tomorrow.
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