Minimum Wage Increase Leads to Higher Teen Unemployment Rate
"Earlier this year, economist David Neumark of the University of California, Irvine, wrote on these pages that the 70-cent-an-hour increase in the minimum wage would cost some 300,000 jobs.
Sure enough, the mandated increase to $7.25 took effect in July, and right on cue the August and September jobless numbers confirm the rapid disappearance of jobs for teenagers.
The September teen unemployment rate hit 25.9%, the highest rate since World War II and up from 23.8% in July. Some 330,000 teen jobs have vanished in two months.
Hardest hit of all: black male teens, whose unemployment rate shot up to a catastrophic 50.4%"
If things don't get better fast (and they won't) it will be a long hot summer in the cities.
"Earlier this year, economist David Neumark of the University of California, Irvine, wrote on these pages that the 70-cent-an-hour increase in the minimum wage would cost some 300,000 jobs.
Sure enough, the mandated increase to $7.25 took effect in July, and right on cue the August and September jobless numbers confirm the rapid disappearance of jobs for teenagers.
The September teen unemployment rate hit 25.9%, the highest rate since World War II and up from 23.8% in July. Some 330,000 teen jobs have vanished in two months.
Hardest hit of all: black male teens, whose unemployment rate shot up to a catastrophic 50.4%"
If things don't get better fast (and they won't) it will be a long hot summer in the cities.
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The Muskegon, MI Unemployment Situation Visualized in Heat Map form:
A map of Muskegon Unemployment in August 2009 (BLS data)
http://www.localetrends.com/metro/muskegon_michigan_home.php?MAP_TYPE=curr_ue
versus Muskegon Unemployment Levels 1 year ago
http://www.localetrends.com/metro/muskegon_michigan_home.php?MAP_TYPE=m12_ue
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