In the Shadow of the Great Recession: Experiences and Perspectives of Young Workers

Young adults in the United States have experienced higher rates of unemployment and lower rates of labor force participation than the general population for at least two decades.The Great Recession exacerbated this phenomenon. Despite a substantial labor market recovery from 2009 through 2014, vulnerable populations—including the nation’s young adults—continue to experience higher rates of unemployment. Meanwhile, changes in labor market conditions, including globalization and automation, have reduced the availability of well-paid, secure jobs for less-educated persons, particularly those jobs that provide opportunity for advancement. Furthermore, data suggest that young workers entering the labor market are affected by a long-running increase in the use of “contingent” work arrangements, characterized by contracted, part-time, temporary, and seasonal work. In light of these trends, in 2013, the Federal Reserve Board’s Division of Consumer and Community Affairs began exploring the experiences and expectations of young Americans entering the labor market. Staff reviewed existing research and engaged external research and policy experts to identify the potential economic implications of these labor market trends on young workers. This initial exploration raised several questions about the experiences of young workers that were not fully explained by existing data. In response, the Federal Reserve conducted a survey, the Survey of Young Workers, in December 2013 to develop a deeper understanding of the forces at play. The online survey was intended to be exploratory—ultimately confirming some insights and highlighting areas worthy of additional study. The Survey of Young Workers was administered by GfK (formerly Knowledge Networks), using its Internet panel. The 2,097 survey respondents ranged in age from 18 to 30. Details about the survey, its methodology, and limitations can be found in the body of the report and in a methodological appendix (Appendix A: Methodology). This report is intended to serve two principal purposes. First, it summarizes insights from the Survey of Young Workers and related research in the field. Second, it frames policy and research issues for future consideration by the Federal Reserve Board and others interested in young workers

UA37/29 Gary Ransdell - Fed. Reserve Board - Ben Bernanke Committee on Budget

Email sent to members of the St. Louis Federal Reserve Board of testimoney by Ben Bernanke before the Committee on the Budget, U.S. House of Representatives

UA37/29 Gary Ransdell - Fed. Reserve Board - Right Reform for the Fed

Email sent to members of the St. Louis Federal Reserve Board regarding Ben Bernanke\u27s Op-Ed The Right Reform for the Fed which appeared in the Washington Post

UA37/29 Gary Ransdell - Fed. Reserve Board - Ben Bernanke\u27s Confirmation Hearing Testimony

Email sent to members of the St. Louis Federal Reserve Board regarding Ben Bernanke\u27s confirmation hearing testimony

UA37/29 Gary Ransdell - Federal Reserve Board - Ben Bernanke on Squam Lake Report

Email sent to members of the St. Louis Federal Reserve Board of Ben Bernanke\u27s speech regarding the Squam Lake Report: Fixing the Financial System

UA37/29 Gary Ransdell - Federal Reserve Board - Final Guidance on Incentive Compensation

Email sent to members of the St. Louis Federal Reserve Board announcing the final guidance on incentive compensation issued by the Federal Reserve, OCC, OTS and FDIC

UA37/29 Gary Ransdell - Federal Reserve Board - Ben Bernanke Town Hall Meeting

Email sent to members of the St. Louis Federal Reserve Board of Ben Bernanke\u27s town hall meeting with educators

UA37/29 Gary Ransdell - Fed. Reserve Board - Board Report on the Case for FRS Role in Bank Supervision

Email sent to members of the St. Louis Federal Reserve Board regarding a report submitted to Congress by Ben Bernanke and a speech by Paul Volcker delivered to the Economic Club of New York

UA37/29 Gary Ransdell - Fed. Reserve Board - Challenges for the Economy & State Governments

Email sent to members of the St. Louis Federal Reserve Board of Ben Bernanke\u27s speech Challenges for the Economy and State Governments