Well to my knowledge the U.S. doesn't differentiate its youth job data based on industry they enter into, if someone else can dig around and find a statistic on that shedding light on the issue then that'd be appreciated. Since the main statistic we're using to corroborate job market sentiment is youth unemployment data, I'll just throw it out there that America's currently sits at 7.4%.
Concurrently replying to
@azn_cyniq who pointed out that hiring in FAANG right now is pretty slow and that small to medium sized companies and startups are what's doing the hiring, yes you can talk about how these places pay less and don't have as many perks as FAANG, but the point is they're still hiring and one can still get experience working for them. Yes, there are those affected by the FAANG layoffs who still haven't picked themselves up, but in the end a lot do. Afterall, the Bay Area's total unemployment despite all the layoffs still sits at a low 2.7-3%.
Back to
@LawLeadsToPeace addressing the second link, where if I'm not mistaken you're pointing out once again the fallacy that China's age 16-24 unemployment rate is the way it is due to people that age typically not working, unlike Americans who get jobs in supermarkets at age 16. If you've been following the Economics thread recently there's enough discussion already debunking that, frankly speaking at this point, pure cope theory. But I'll summarize the points here.
- First the unemployment rate in 2019 before the pandemic and economic crackdowns happened was 10%, no matter the excuses doubling in just 3 years and constantly rising is a massive cause for concern, especially since China's generations are only getting smaller.
- Two age bracket 16-24, what age do most people graduate from college? 21. So even if most Chinese teenagers and college students don't work part time jobs, that should really only contribute to a youth unemployment of 10%. The extra bump is indeed because of graduation aged youths 21-24, are unable to find work.
- Three, even if a good chunk of them end up going to grad school that's not an indicator of a healthy job market, because of the additional burdens both the youths and their parents have to take on financially and academically. Not to mention that grad school has always been the pursuit of more elite students and standards will drop if they now become a mandatory next step for an economy where a bachelor's degree might as well be a high school diploma.
- Just because this is often another cope argument, the argument that Chinese aged 25-30 have an unemployment rate of 5% so that must mean as youngsters get older its easier to find a job. No, those Chinese already found their footing in the job market pre-pandemic and pre-private sector crackdown, if the current cabal of unemployed youngsters when they turn 25 still can't find a job guess what? The next government report on unemployment will see an uptick in the rate for those aged 25-30.
