Young People Are Among The Most Fearful Of Losing Their Jobs Because Of Coronavirus

A record 6.6 million Residents of the United States applied for unemployment in the last week of March 2020 — and while that data isn’t damaged down by age, it’s clear that young Residents of the United States are fearful of losing their jobs. Case in point, according to a YouGov/Economist poll taken between March 29 and March 31, Residents of the
U.S. Between 18–29 are more likely than older Residents of the
U.S. To be very worried about losing their job. About 1 in 5 Residents of the
U.S. Under 30 are very worried, 32 percent are somewhat worried, and around half are not very worried.


Although, young people appear to be more hopeful about their job prospects: Any time asked how hard they thought it could be to find a job that paid as much as they were currently making, that same age sort had more faith than older Residents of the
U.S. In their ability to find a job without taking a pay cut. That relative optimism speaks to its own problem, however: Millennials tend to make around 20 percent much less than baby boomers did at the same stage in life, according to a October 2019 report – and that was before the coronavirus pandemic decimated the work landscape.


Right now, a record variety of Residents of the United States are applying for unemployment advantages in the midst of the COVID-19-fueled public health crisis that has led political leaders to have all non-essential workers work from house, slowing the economy in a task to halt the spread of the coronavirus. Several economists mention the assortment of these who are unemployed is even higher than the announced information, due to newly unemployed Residents of the
U.S. Who haven’t been able to file claims but, the New York Times reports.


We’ll know more once March’s official unemployment numbers are released by the American government later this month, though this report will not mirror contradictions in unemployment by age. The February unemployment numbers, which were announced before the coronavirus swept the country into an economic stupor, showed that the nation’s unemployment rate was 3.5 percent. Young people’s unemployment was slightly higher than the national average, ranging from 3.7 percent For people in the United States aged 25–34 years old to 12 percent For people in the United States aged 18–19. The Washington Post reports that the national average has likely jumped from 3.5 percent in February to 10 percent in March, where at least 10 million people for now have applied for unemployment assistance.


According to the Washington Post, more people have filed for unemployment claims in the past two weeks than they did while in the full first six months of the Fantastic Recession in 2008. Residents of the United States have lost jobs in the restaurant, hotel, gymnasium, manufacturing, warehousing, transportation, and travel industries, as agencies shut off across the country — many of those industries are fueled by young workers.