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Former Chief of Staff, U.S. Dept of Labor, Paul Conway on the rising rate of unemployment of those under 21.
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After the jobs report the jobless rate for young people aged sixteen to nineteen rose in July to an astonishing.
23 point 8%.
That's up from where it was in June.
Joining the company from Washington is Paul Conway.
Former chief of staff of labor secretary Elaine -- now why has the youth unemployment rate gone up to us that this extraordinary level tell -- Well here's the bottom line employers right now don't have the confidence to start.
Putting out entry level jobs or.
Moving -- an environment -- the taxes are high and regulations.
Are coming in at a screening rate.
So what happens is the youngest workers in the workforce are the largest victims and it's not just sixteen to nineteen -- what it does is it goes from eighteen to 29 that rate is also very.
So you lay this firmly at the door of raising raising the middle minimum wage I believe that's happening in some states.
And Obama -- coming down the pike well you've got a couple of people including those youngsters.
That's why youth unemployment is astonishing -- three point 8% that's it.
It that -- it's an astonishing number and absolutely have to look at policy look.
When folks get elected -- the United States it's a leadership position.
To your job is to lead and -- citizens depend on is for clear direction.
And so does business consider investors as you know quite well for -- now with a tight economy uncertainty on taxes and uncertainty -- regulations.
Those were eighteen -- two point nine of those were sixteen to nineteen are feeling the full effect of economic uncertainty in the lack of jobs.
Okay the real unemployment reuse six -- the technical what I think what we often referred to as the real unemployment rate moved off.
15%.
What do you make -- back.
Well I think that's a pretty strong indicator what's actually going on in the economy and especially for those -- -- looking for jobs.
This morning we took a look at these numbers that unemployment rate actually for those were eighteen to 29.
It's twelve point seven with an additional one point seven million people who -- no longer counted by the US Labor Department.
You put those two numbers together the eighteen to 29 unemployment level is sixteen point 7%.
And their questions and debates on what's fair.
American is ask itself is that fair for the next generation later I don't think it is that that to me is astounding a way to give it to me again -- sixteen to 29.
What's the percentage of unemployed can you give me a number and tens of millions -- -- eighteen to 29.
Is twelve point 7%.
One point seven million are no longer count it.
In that number and if you -- -- that number in the non seasonally adjusted number the most accurate number for those who are unemployed.
Is sixteen point 7% well you know -- -- well over a million that's astonishing again can't keep using this.
What -- look we've reported in the past that many of the job to job being opened up on going to people age 55 and older.
And you'll telling made that there's a much of really sharp rise in the number of young people who are unemployed.
That's a real -- -- of the labor market from jobs for youth young people to jobs so much older people is that accurate.
That is very accurate in actually one of the reasons that's going on -- you have older workers who have lost a substantial amount retire our money.
We're deciding to stay in the workforce longer and when that happens.
At the same time that business others especially small business owners are reluctant to start creating entry level jobs.
The demographic that gets hit hardest are young adults in America.
And I got to tell you something they're not happy about it and they're making their voice known and it's clearly an indication as well why President Obama is -- and enjoys 66% this time.
And says he did in 2008 the -- number is abandoning him.
Time so Paul Conway we appreciate your expertise on the -- vote Cummins is again please thank you stuff that thank you very much not.
