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Gen/Generation Z Unemployment Rate Compared to Older Generations - Gender

Charted: The Gen Z Unemployment Rate, Compared to Older Generations (visualcapitalist.com)

Putting the Gen Z Unemployment Rate in Perspective

There are more than 2 billion people in the Generation Z age range globally. These individuals, born between 1997 and 2009, represent about 30% of the total global population—and it’s predicted that by 2025, Gen Z will make up about 27% of the workforce.

Due to the global pandemic, unemployment has been on the rise across the board—but Gen Z has been hit the hardest. This chart, using data from the OECD, displays the difference between the unemployment rate for Gen Zers and the rate for older generations.

Note: The OECD defines the ‘unemployed’ as people of legal working age who don’t have work, are available to work, and have taken steps to find a job. The final figure is the number of unemployed people as a share of the total labor force.

The Generation Gap: Gen Z Unemployment

Compared to their older working-age counterparts, Baby Boomers, Gen X, and Millennials (Gen Y)—the most recent 2020 data shows that Gen Z has an unemployment rate of nearly 2x more in almost every OECD country.

Search:

Country

Unemployment Rate (Gen Z)

Unemployment Rate (Millennial, Gen X, Boomer)

 Australia

14.3%

5.0%

 Austria

10.5%

4.7%

 Belgium

15.3%

4.8%

 Canada

20.0%

7.9%

 Chile

24.8%

9.6%

 Colombia

27.5%

13.9%

 Czech Republic

8.0%

2.3%

 Denmark

11.5%

4.7%

 Estonia

17.7%

5.9%

 Finland

21.0%

6.0%

Showing 1 to 10 of 34 entries

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Note: For the purposes of this article, we are only considering the Gen Zers of legal working age—those born 1997-2006. The rest—Baby Boomers, Gen X, and Millennials—are those born between 1946–1996.

The timing for the youngest working generation could not be worse. Gen Z is just beginning to graduate college and high school, and are beginning to search for work and careers.

Gen Z is also an age group that is overrepresented in service industries like restaurants and travel–industries that were equally hard hit by the pandemic. In the U.S., for example, around 25% of young people work in the hospitality and leisure sectors. Between February and May 2020 alone, employment in these sectors decreased by 41%.

Countries like Spain are facing some of the biggest headwinds among OECD countries. The country already has a high unemployment rate for those aged 25-74, at 14%. But the unemployment rate for Gen Z is more than double that, at over 38%.

Implications For the Future

While it may be true throughout history that this age group is often less employed than older cohorts, the share of labor held by those aged 15-24 dropped significantly in 2020.

Note: This chart represents the data from G7 countries.

In terms of their future employment prospects, some economists are anticipating what they call ‘scarring’. Due to longer periods of unemployment, Gen Z will miss out on formative years gaining experience and training. This may impact them later in life, as their ability to climb the career ladder will be affected.

Starting out slower can also hit earnings. One study found that long periods of youth unemployment can reduce lifetime income by 2%. Finally, it is also postulated that with the current economic situation, Gen Zers may accept lower paying jobs setting them on a track of comparatively lower earnings over their lifetime.

Overall, there are many future implications associated with the current unemployment rate for Gen Zers. Often getting your foot in the door after college or high school is one of the hardest steps in starting a career. Once you’re in, you gain knowledge, skills, and the oh-so-coveted experience needed to get ahead.

The Kids are Alright?

One positive for Gen Z is that they have been found to be more risk averse and financially conscious than other generations, and were so even prior to COVID-19. Many of them were children during the 2008 Recession and became very cautious as a result.

They are also the first digital generation— the first to grow up without any memory of a time before the internet. Additionally, they have been called the first global generation. This could mean that they pioneer location-independent careers, create innovative revenue streams, and find new ways to define work.

Visualized: Key Events in the COVID-19 Timeline

It’s been a long and eventful year since COVID-19 was officially declared a global pandemic by the World Health Organization (WHO) on March 11, 2020.

The tangible and intangible costs of COVID-19 have been severe. In this visual COVID-19 timeline, we delve into some significant milestones that have occurred around the world.

December 2019-February 2020

Pre-Pandemic COVID-19 Timeline

The origin story actually begins at the turn of the new year, as events began bubbling under the surface in Wuhan, China. The first coronavirus cluster was reported on December 31, 2019, with initial exposures linked to the Huanan Seafood Market.

In the new year, the first coronavirus cases began filtering outside of China, to Thailand and the U.S.—causing the WHO to declare a public health emergency of international concern. As the death toll ticked up to over 200, it was clear that this was no ordinary virus.

All dates in the graphic are based on when events occurred rather than when they were widely reported.

In February 2020, the novel coronavirus was finally named COVID-19. In addition, the Diamond Princess cruise ship was linked to 624 confirmed cases in late February—the highest case cluster outside of China at the time. The ship captured international headlines when it was refused port in a number of countries, casting COVID-19 into the spotlight.

This month also marked a significant turning point. Dr. Li Wenliang, a Chinese doctor, had tried to draw global attention to the severity of China’s outbreak before he passed of COVID-19 on February 7, 2020.

Italy and Iran then grew significantly as global hotspots of COVID-19. The U.S. reported its first death due to COVID-19—however, it was only discovered in April that there were in fact two prior deaths due to the virus in the country.

On March 11, 2020, WHO made a critical decision. As the virus began to transcend borders and claim thousands of lives, it announced that the COVID-19 outbreak had officially become a deadly global pandemic.

In the year that followed, the virus was relentless in spreading around the world. How have cumulative case counts and death tolls evolved since the beginning?

Date

Cumulative Cases

Cumulative Deaths

February 1, 2020

12,038

259

March 1, 2020

88,394

2,996

April 1, 2020

958,586

50,535

May 1, 2020

3,368,225

242,691

June 1, 2020

6,284,173

378,365

July 1, 2020

10,675,433

513,479

August 1, 2020

17,852,606

681,368

September 1, 2020

25,772,515

857,960

October 1, 2020

34,326,374

1,024,204

November 1, 2020

46,597,718

1,202,376

December 1, 2020

64,006,923

1,485,018

January 1, 2021

84,054,370

1,835,383

February 1, 2021

103,410,000

2,245,069

March 1, 2021

114,420,000

2,538,582

Source: Our World in Data via Johns Hopkins University

Let’s explore key events in the COVID-19 timeline that took place over the course of the past year.

365 Days of the Pandemic

The initial impacts of the pandemic were felt swiftly, and progressively became worse. Within the first three months, the world paid a high human and economic toll.

March-May 2020

Whiplash for the World

Following the WHO announcement, numerous sporting events were cancelled, from the NBA and NHL 2019-2020 seasons to the UEFA Euro men’s soccer championship. Even the Tokyo Summer Olympics were postponed for a year.

In late March 2020, the U.S. surpassed China to become the hardest-hit country by COVID-19. In terms of overall case numbers, it remains the global epicenter of the pandemic today, followed by India and Brazil.

The stock market took a severe hit, with a crash rivaling other recessions and significant financial crises. For example, here’s how the Dow Jones Index Average dropped in March alone:

Event

Date

Dow Jones Industrial Average (% change)

Black Monday I

March 9, 2020

-7.79%

Black Thursday

March 12, 2020

-9.99%

Black Monday II

March 16, 2020

-12.93%

Stock markets re-entered a bull market in April, but the damage had already been done. The S&P 500, for example, would only return to pre-pandemic levels in August.

The onset of the pandemic led to additional economic chaos. The price of oil flipped negative in April, and over 10 million Americans lost their jobs in the sudden downturn.

To help prop up the economy, the U.S. unveiled the $2 trillion CARES Act, the largest economic stimulus package in history—near 10% of national gross domestic product.

Multiple countries locked down their borders to the rest of the world, from the European Union to India. These travel bans and reduced mobility affected not just airline revenues, but temporarily had a noticeable effect on carbon emissions too.

In addition, two world leaders—UK’s Prime Minister Boris Johnson and Russia’s President Mikhail Mishustin—contracted COVID-19.

June-November 2020

A Deadly Surge

Numbers kept rising over the next six months, following the shifting geography of COVID-19 into densely populated regions such as Africa, South Asia, and the Middle East. In a controversial move, Brazil stopped making its COVID-19 case data public starting June 7, 2020.

Global deaths due to COVID-19 surpassed half a million at the end of June—and jumped to over 1 million by the end of September. Another heartbreaking record was set in mid-October when global cases leapt up by 1 million in just three days.

Former U.S. President Donald Trump, Brazil’s President Jair Bolsonaro, and Poland’s President Andrzej Duda were among many more world leaders to test positive for COVID-19.

December 2020-March 2021

Vaccines Bring Hope

At the very end of 2020, some optimism for things going back to normal was restored when Moderna announced the very first vaccine candidate, followed by Pfizer/BioNTech.

However, more alarm was raised as reports of a faster-spreading, more infectious strain of COVID-19 emerged from the UK. Two more variants have also since been discovered:

Variant

Date identified

Location

Countries with Reported Cases
(Feb 28, 2021)

B.1.1.7

Sep 2020

 United Kingdom

94

B.1.351

Oct 2020

 South Africa

48

P.1

Jan 2021

 Brazil*

25

*Note: P.1 was first detected in Japan but traced back to Brazil

In January 2021, WHO organized an international scientific consultation around these variants. The good news? Existing and emerging vaccines will still potentially provide adequate protection against these variants.

In March 2021, the U.S. Congress approved President Biden’s $1.9 trillion pandemic relief bill. Some details of the money breakdown include:

  • Up to $1,400-per-person stimulus payments for 90% of households
  • $350 billion in state and local aid
  • $8.5 billion to rural hospitals and healthcare providers

The rest is expected to go towards safely reopening K-12 schools, assisting hard-hit small businesses, extending food stamp benefits, vaccine R&D and distribution, and more.

An End in Sight for the COVID-19 Timeline?

With the global vaccine rollout now underway, many more key vaccine producers, from AstraZeneca/Oxford University to Johnson & Johnson, have joined in the fight to return life to normal.

Although there have been deep losses due to COVID-19, many hope that we’ll learn from the lessons of this past year, and emerge stronger than ever.

We have come so far, we have suffered so much and we have lost so many. We cannot, we must not squander the progress we have made… Science, solutions and solidarity remain our guide. There are no short-cuts.—Dr. Tedros Adhanom Ghebreyesus, Director-General of WHO

Correction: In a previous version of the graphic, Russian Prime Minister, Mikhail Mishustin, was incorrectly listed as President.

INVESTOR EDUCATION

ESG Investing: Finding Your Motivation

Marcus Lu 

ESG Investing: Finding Your Motivation

Environmental, social, and governance (ESG) factors are a set of criteria that can be used to rate companies alongside traditional financial metrics.

Awareness around this practice has risen substantially in recent years, but how can investors determine if it’s a good fit for their portfolio?

To answer this question, MSCI has identified three common motivations for using ESG in one’s portfolio, which have been outlined in the graphic above.

Извор: WUNRN – 25.03.2021

 

 

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