Despite Friday's unemployment rate dropping to 5.9 percent nationally, New York City is still home to the dead-end kids.
Half of the city's 600,000 recent college graduates are either underemployed or out of work, according to New York Fed researchers.
Most of this 50 percent are working in jobs they are overqualified for — no college degree required — and that are often low-pay, part-time and without benefits. It's a vast jobs wasteland out there for this Millennial generation.
The city's unemployment rate for 25- to 35-year-olds has surged, nearly doubling since 2008 to 8.7 percent. While the silver-haired brigade, 55 and older, the rate locally is 5.2 percent, only a tad higher than in 2008.
The forces driving the labor bloodbath for New York's youngest and brightest are familiar to other big US cities, except that New York has the added burden of higher taxes, heavier regulation and reams of red tape damping growth, business analysts say.
And there's this: Older workers are delaying retirement, limiting openings for grads.
"This is a tough economy for young workers, even those with a college degree in hand," said James Parrott, chief economist at the Fiscal Policy Institute in New York. "Younger workers are being crowded out by older workers whose retirement looks a lot less secure than previously."
The stark reality: The slow recovery, coupled with the aging of the boomer workforce, means that the share of NYC workers who are 55 and older jumped from 16 percent to 21 percent since the recession started, according to Parrott.
While employment grew by 2.2 percent in New York City in the last 12 months to August, the grim news is that the top three job gainers included low-wage and minimum wage-level employment in education and health services, according to Catherine Ruetschlin, a senior policy analyst at Demos.
Xue (Cherie) Tian, 25, is typical of New York's well-educated, job-challenged young.
"When I apply for a job in my field I have to compete with other smart people — and it is very competitive," said Tian, slated to graduate in December from Columbia University with a masters in operations research. "I am very stressed."
Tian, a math finance major from China who was awarded a first-class scholarship in her native country, wants to land her dream Wall Street job. But it's tough going.
The job openings she's seeking in risk and investment management elude her in New York City. She has interned at a Wall Street hedge fund and with a money manager.
"They asked me to stay in touch — that's about it — so I've had to look around for a full-time job at other firms [in New York City]," said Tian, who lives on Manhattan's Upper West Side. "I've heard from friends that some trading desks have closed."
Tian is bothered by her prospects. "Some areas like technology are growing. They need staff," she said. "But other areas are definitely shrinking — and I have to compete with other smart people for jobs."
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