This summer is expected to be the worst in recent memory for youth seeking employment in New York City. The massive disruption to the world economy brought on by the swindling of Wall Street investors has closed off the hope for jobs and careers for thousands of young people in the city’s five boroughs. For people between the ages of 16 and 24, the official unemployment figure stands at 25 percent.
The recession has had a brutal impact on all sections of New York City’s large and diverse working class, which includes millions of people ranging from those with college educations to those living in deep poverty. According to the latest official figures—which tend to gloss over the social reality—the unemployment rate for all workers in New York City is 8.6 percent of the 3.3-million-person workforce.
The real unemployment rate, however, which includes workers who have stopped looking for work and those who are working part-time but would rather have full-time work, is closer to 17 percent. African-American and Hispanic workers suffer much higher rates of joblessness.
This is C.I.'s "Iraq snapshot" for Monday: