Bede's Economics Society: What Does The Fall In Unemployment Mean?
Recently, the Government published a bunch of statistics, which would seem really dull and dreary to someone who doesn't follow economics.
Unemployment down to 7.1%, youth unemployment down to 20%? What does that actually mean? Who cares? Well, it has a lot of relevance to you, not only for your family and their friends, the adults in the world of work, but you and your mates too.
Did you know 20% of people between 16 and 24 either aren't at school, college or University, or don't have a job? Think about that. Imagine a club or sports team you go to. In a squad of 25, 5 of your teammates are likely to be sitting at home, sponging off their parents, within the next couple of years.
Frightening isn't it?
Nothing to do but watch day-time TV, make some tea and send out job applications, maybe going out, but knowing you have no money to spend, bringing food from home in case you get hungry and living with parents into your twenties.
Really doesn't sound like fun, and this is what is expected, it is normal that 5 out of your 25 squad mates will experience times like this.
This kind of path seems eerily familiar to those who've heard the stories behind drug users and homelessness.
So it's good that youth unemployment has fallen. Some of us know, and are quite bitter about the fact that we are the lowest paid age-group, but in fact, this really helps us.
The fact that we have such a low minimum wage means that businesses want to employ us because we are half as expensive as older workers.
We can get started with a company and, over time, work our way up to earning a higher wage and avoid the problems mentioned before.
Lower youth unemployment is good for the future too. Hopefully we'll keep the jobs we earn, and the total unemployment figure will fall too.
It's not all doom and gloom.