Youth jobs picture bad and not getting much better

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While the national job market continues to mend, one group has been slower than others to enjoy the benefits.

Young people continue to see their rate of employment creation lag the rest of the economy, setting up challenges not only for the economy generally but also for policymakers specifically.

The Federal Reserve's mandate to create full employment looks a lot closer to fruition for older adults than it does for the younger cohorts, who find themselves working not only in smaller numbers but also at jobs beneath their skills and educational qualifications.

"Younger workers tend to face higher unemployment rates across the business cycle and suffered disproportionately during the Great Recession," Goldman Sachs economists David Mericle and Chris Mischaikow said in a recent report on the subject."

The report suggests that workers between the age of 16 and their early 20s are working part-time for economic reasons or are "marginally attached to the labor force," in other words, they have not looked for a job in the past month at levels much higher than others.