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CCCF Examines the Rate of Employment

It has been four years since the end of the recession, but the unemployment rate is still at 7.5%. A recent article in The Wall Street Journal written by Ben Casselman takes a look as to why fewer Americans are working now as compared to before the recession. There are various contributing factors that have been explained through theories, such as unemployment benefits and hesitation to accept jobs that did not pay as well as previous employers. However, Casselman notes that it is not the unemployment benefits and other factors slowing down the hiring process, it is the economy.

In this economy we are seeing that many generations are facing realities of unemployment and today's youth are having a difficult time finding employment opportunities. According to The Economist, the world's population of NEETs (not in employment, education, or training) is 290 million, which equals one quarter of the world's youth. For more details, please visit this article.

Coinciding with the data on NEET's, a recent study from George Mason University takes a look at how the slow recovery has been hard specifically on families. Data from the Bureau of Labor Statistics indicates that there are 8.4 million families with at least one member unemployed. To see the statistics of families with unemployment you can visit the study here.

This slow recovery can also take a toll on how prepared Americans are for retirement. A recent report by the Pew Charitable Trusts reveals the retirement security of each age group for the last two decades. In doing so, this report calculates and determines how the recession has impacted each age group's financial security. To see how your age group has been affected, you can click on the following link to read the full report here.

After looking at these numbers, it is evident that many families have members who are facing hardships due to unemployment. To ensure that your family stays financially stable, please visit www.cccfusa.org to see how our programs may benefit your family's financial situation. Consumer Credit Counseling Foundation (CCCF) is a 501(c)3 tax-exempt nonprofit agency with offices in Livermore, California. Founded in 2002, our mission is to provide free counseling on budgeting, the wise use of credit, and other financial topics to individuals and families nationwide and especially in the nine-county Bay Area, as well as low-cost debt management services. CCCF is a member of the American Independent Consumer Credit Counseling Association and adheres to rigorous standards of ethics and operational excellence.

Alanis



Articles Referenced:
What's Holding Back Hiring?
Link to Article (1st paragraph)

Generation J(obless): A Quarter of the Planet's Youth is Neither Working Nor Studying
Link to Article (2nd paragraph)

Retirement Security Across Generations: Are Americans Prepared for their Golden Years?
Link to Article (4th paragraph)

The Slow Recovery's Impact on Families
Link to Article (3rd paragraph)

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