An international policy group said this morning that governments around the world need to find better ways to spur youth job growth, or young people may earn less over time and negatively affect the economy.
Young people are a key demographic to economic recovery because they contribute significantly to consumer spending, which makes up about 70 percent of the U.S. economy, according to Bloomberg.
The Organisation for Economic Cooperation and Development (OECD) said Monday that in the United States, 14.8 percent of people ages 15 to 24 were neither employed nor in school, according to a release.
"It is imperative that governments use every possible means at their disposal to help jobseekers, especially young people, by removing barriers to job creation and investing in their education and skills," said Angel Gurria, secretary-general of OECD, in a release.
OECD also said that it predicts the unemployment rate will only drop to 7.7 percent by the end of 2013.
Data released by the group showed that temporary hiring has increased, as many employers are reluctant to rehire workers, according to Reuters.