October 5th, 2012 10:39 EST
Unemployment Rate: Are We Creating a Mindset of Giving-up in This Country?
Are Young People Dropping Out or Reinventing Work?
New Survey Shows Rise of Gigging Culture!
The unemployment rate may have dropped last month, but the main reason is that young people quit looking!
Are we creating a mindset of giving-up in this country?
Some facts to consider from the Department of Labor Statistics:
- The number of workers ages 16 to 24 is the lowest since 1955
- The unemployment rate for youth workers in August was 16.8%
- Nearly 1 in 5 Americans over 65 are looking for jobs
- The labor participation rate is at a 30 year low (63.5%)
These numbers are indicative of the fact that opportunities just aren`t there for young people! Older workers aren`t leaving their jobs and many retirees are actually returning to the workforce making it more competitive for young workers. If we want our economy to grow we can`t afford to shrink our entry-level workforce.
So, what to do? Fox Business Columnist and Contributor Michael Dr. Woody " Woodward, PhD will talk about the current jobs situation for young people and discuss one innovative way young people are getting back on track " namely the new phenomenon of Gigging ": Get Behind the Gigging " Economy.
Gigging is slang for short term project-oriented work wrapped around a career theme. Essentially young people are cobbling together projects, part-time jobs, and contracts " or gigs " so as to create their own career track. It`s a mix of entrepreneurialism and freelancing that is growing every day!
Right now Gigging " has become an incredibly popular alternative for young grads trying to get a foothold in this economy! According to a survey by Elance.com released on Tuesday, September 25th 2012:
- 46% of Millennials freelance full-time
- 77% have a bachelor`s degree
- 59% of Millennials who gig " reported a rise in income from last year
What`s More? According to the Elance.com survey businesses are increasingly turning to on-line work, hiring experts for on-demand projects. " And, companies like FlexJobs.com, Freelancer.com, and TweetMyJOBS have all seen a significant rise in the number of freelance postings over the last couple of years.
Dr. Woody is based in NYC and available for interviews.