Akil Alvin, 19 and from Detroit, is struggling to land a job as he competes with older, more skilled applicants. Alex Lothspeich, 17 and from Charlotte, North Carolina, is choosing not to enter the workforce to focus on high school.
U.S. banks may accelerate job cuts after reducing 11,400 positions in the first five months of the year, a 21 percent increase over 2010, because of falling profits and government regulation, according to Challenger, Gray & Christmas Inc.
Holiday hiring by U.S. retailers may fall about 6.9 percent this year as shaky consumer confidence and more efficient store practices reduce demand for seasonal workers, according to Challenger, Gray & Christmas Inc.
American employers took on more workers than forecast in April and the jobless rate unexpectedly fell to a four-year low of 7.5 percent, reflecting confidence in the outlook for the world’s biggest economy.