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No Jobs? No Problem!

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The Fed reminded us again this week just how lousy this labor market really is.

Specifically, our PhD-carrying policymakers said: “Information received since the Federal Open Market Committee met in November confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring down unemployment.”

Jeff Harding, a professor here at Minyanville, has written a series of articles arguing that unemployment, in fact, will remain high for years. He argues that many jobs created during the boom times just won’t be coming back. (You can read his stories here and here.)

For young Americans, this is particularly tough news. According to the National Association of Colleges and Employers, only 24.4 percent of 2010 graduates who applied for a job had one waiting for them after graduation (up from 19.7 percent in 2009). So, with the unemployment rate at 9.8%, some kids are now deciding that their best hope of finding a job might be in creating one for themselves.

The New York Times reports on a new venture called the Young Entrepreneur Council which was developed “to create a shift from a résumé-driven society to one where people create their own jobs.”

The council consists of 80-plus business owners across the country, ages 17 to 33. Members include Scott Becker, 23, co-founder of Invite Media, an advertising technology firm recently acquired by a Google unit. The council, which has applied for nonprofit status, serves as a help desk and mentoring hotline for individual entrepreneurs.

“The lesson may be that entrepreneurship can be a viable career path, not a renegade choice -- especially since the promise of 'Go to college, get good grades and then get a job,' isn’t working the way it once did,” says the New York Times. “The new reality has forced a whole generation to redefine what a stable job is."
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