Class of 2011 to Face Worst Unemployment in History

Posted: Jun 06, 2011 2:22 PM

It's graduation season and the 1.7 million graduating college students in the 2011 class are facing the greatest unemployment numbers among their demographic in U.S. history at a rate of 21 graduating applicants per one job.

This video launches just days after the Bureau of Labor Statistics reported that the economy produced just over 50,000 jobs in May, the lowest number of jobs created in 2001 and the fewest jobs in eight months.

With unemployment rising to 9.1 percent, college graduates aren't the only ones worrying about their economic future. A recent poll conducted by the DailyBeast/Newsweek found that by almost four to one, Americans say our economy is not delivering the jobs we need. Americans are even losing sleep over the economic crisis: 56 percent are so angry about their personal economic situation that they have lost sleep.



Meanwhile, teen unemployment is at 24 percent and there are 14 million Americans out of work.

The latest numbers show the unemployment rate stands at 9.1 percent, with the pace of job growth slowing. When it comes to new jobs, 70 percent of those are coming from small businesses, but many of them are struggling just to hang on.

Small businesses are often responsible for filling the summer job needs of America's teenagers. CBS News correspondent Bill Whitaker reports that many 16- to 19-year-olds are finding the going rough when it comes to finding work once school is out.

The Labor Department says the unemployment rate for those aged 16 to 19 last month was more than 24 percent. Compare that to May of 2000, when the rate was less than 13 percent.


Hope and Change! Maybe young people should think twice before voting for empty promises in 2012 as they did in 2008.