A weekly round-up of hopeless economy news.
- According to an analysis of government data by the Economic Policy Institute, the unemployment rate for college graduates under 27 so far this year averaged 7.1 percent, nearly double what it was in 2007 and the highest yearly average in the 30 years this data point has been tracked. [NYT]
- In the U.S., the unemployment rate for 16- to 24-year-olds has climbed to more than 18%, from 13% a year ago. [BusinessWeek]
And what about those of us who are not nubile young things looking for their first job?
- Now pay cuts, sometimes the result of downgrades in rank or shortened workweeks, are occurring more frequently than at any time since the Great Depression. [NYT]
- Numerous Americans have lost their jobs twice during the past two years and their ranks are larger than in past recessions, according to career coaches, labor economists, executive recruiters and outplacement counselors. [WSJ]
Happy drinking, everyone!