According to the labor report, U.S unemployment rate stood at 5.4 percent for April, marking the lowest level in seven years as employers continue to add more jobs. The Department of Labor stated that the job market has remained strong in the last three-quarters, fueling higher hiring prospectus in all sectors.
The report was released on Friday by the Bureau of Labor Statistics (BLS). The data have a marginal difference when compared to the figures in March. However, the current unemployment rate is 4-6 percent lower at 5.4 percent, when compared to the data figures at 10 percent during October 2009. Teenagers and young adults are likely to face less job market improvement when compared to older adults.
Last month, more than half of the nation's people (50.9 percent) of the eight million unemployed people were in the age of 16 and 34, though they make up only a third of the civilian labor force. Since 2000, younger adults have the highest unemployment rates, especially during the Great Recession. In 2010, unemployment rates among 16-19-year-olds stood at 25.8 percent, and 15.5 percent among 20-24-year-olds.
However, the recession had a widespread effect on all age groups. During December 2007, 53.2 percent of the unemployed were in the age groups of 16 to 24, and 34.4 percent for the ages of 35 to 54. When the non-seasonal adjusted unemployment level peaked in January 2010, the share of younger adults fell to 47.4 percent, while the older adults share rose to 38.9 percent.
Since then, unemployment level has fallen for the youngest workers, which stood at 15.6 percent last month. (42 percent decrease from January 2010) Unemployment level among 25-60-year-olds stood at 3.9 percent in April. (55 percent decline from January 2010 level)
Wal-Mart, Mc Donalds and many other companies have announced wage hikes, and the industry could follow a similar pattern. Lower unemployment is expected to increase customer sentiment, along with business owner sentiment, and will result in higher demand for workers as the business expands.
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