Salient to Investors:
Average incomes for individuals ages 25 to 34 have fallen 8 percent, double the adult population’s total drop, since December 2007, while their unemployment rate remains one-half to 1 percent above the national figure.
Cliff Zukin at Rutgers said generation Y will be permanently depressed and on a lower path of income for probably all of their life, or at least the next 10 years. Professionals who start in jobs other than their first choice tend to stay on the alternative path.
Michael Greenstone says the shift to a downwardly mobile society may be lasting – children not earning as much as their parents will continue into the future.
Georgetown University said almost 4 out of 5 jobs lost in the recession were held by workers with a high school diploma or less.
One-fifth of the US population saw their median earnings decline since 2007 while the top 1 percent saw their pay rise 5.5 percent in 2011. The number of employees ages 55 to 64 is expected to surpass the under-24 working population by 2020 for the first time since at least World War II.
The number of architects aged 25 to 34 has fallen by 41 percent since 2007, versus the 25 percent overall drop. Architecture graduates ages 25 to 29 had the highest unemployment rate of 57 degree programs in 2009. Nursing was best with a 1.5 percent jobless rate.
Read the full article at http://www.bloomberg.com/news/2012-12-21/american-dream-fades-for-generation-y-professionals.html.
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