There is a crisis of unemployment in the US and those aged 16 to 19 are being hit with unemployment rates of 24% or almost three times the rate of adults. Worse yet, minority teens are seeing rates of unemployment as high as 41%.
There are a number of factors at play here – burst bubbles in credit and housing as well as margin compression due to price discovery on the Internet. The trend has gotten even worse as price discovery is now taking place via bar codes read by cellphones allowing consumers to buy from Amazon instead of the brick and mortar shop where they happen to be shopping and doing product comparisons.
Even worse, the Internet allows jobs to be outsourced with a mouse click and IP communications allows call center agents and other BPO jobs to be anywhere in the world. And these jobs are flowing to where there is less regulation and lower costs.
The good news is where the Internet takes away it also gives back. Sometimes anyway.
A hidden silver lining in a report on search marketer salaries dropping shows that companies are looking to younger, more eager people who also cost less than their more experienced counterparts.
So the good news here is young people who are tech and social networking savvy can potentially find a lucrative career in search marketing. And you thought your kids were wasting their lives on Facebook.