The US economy is facing a demographic challenge: it’s losing more young people to retirement than it is attracting, and it’s not replacing them quickly enough.
The new Pew Research Center report finds that while the share of adults age 25-54 who have no significant financial resources has held steady since 2010, the share who lack a job is rising.
The report finds: The share of young adults without jobs has been increasing for a decade or more.
In 2009, the percentage of people under the age of 25 without a job was 9 percent, up from 8 percent in 2005.
This year, the figure is 13 percent.
The biggest growth in young adults’ employment has come in the last few years, particularly in the private sector, which is experiencing a “disruption effect” due to automation, according to the report.
More than a third of the new job seekers have no formal training in the field, and more than half have no college degree.
That’s a trend that’s likely to continue as technology advances, the report says.
In some sectors, the lack of access to training is creating challenges for people to gain employment, with fewer jobs available to those who have a college degree or higher.
The US is not the only country facing these challenges.
In China, which has seen its workforce shrink by an estimated 2 million workers since 2010 alone, the government has been trying to increase the number of workers in its economy.
But it has struggled to do so, and the result has been a loss of young people, the Pew report notes.
“For some young adults, having less access to employment is especially worrisome because it means they are more likely to be unemployed,” the report explains.