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An Unwelcome Gift for New Grads

On Friday, as new graduates celebrated in backyards across the country, the government offered a not-so-welcome gift: May’s unemployment numbers. Just as young people prepare to spill into the labor market, companies are less willing to hire.  Employers added about one quarter the number of jobs in May that they did in April, and, as a result, unemployment numbers started rising again.

Young adults are still feeling the most pain from our slow economy. More than 1 in 9 people 18 to 34 is unemployed, and that doesn’t tell the whole story. Minorities and the youngest job-seekers face the toughest market. Over 15% of young African-Americans ages 18 to 34 are unemployed, as are about 13% of Hispanics. And if you’re in high school or a recent college grad frustrated by the job search, you’re not alone. Last month, more than 17% of your peers ages 16 to 24 couldn’t find a job, either.

The good news is that unemployment for young adults, while still high, went down a bit from April to May, so perhaps younger employees were the among those few new hires of the month. But as a new wave of eager young people hits the pavement in June, to find a summer or permanent job, it’s tough to say what will happen in the coming months.