The Federal Reserve Bank of St. Louis celebrates its centennial anniversary this year.
St. Louis was one of 12 Reserve Banks that opened for business on November 16, 1914. They were all part of the Federal Reserve System created when President Woodrow Wilson signed the Federal Reserve Act into law in December, 1913.
When large numbers of young people are unemployed, it is not only a blow to the individuals, it is also a missed economic opportunity for the region. That was the overarching message of a panel discussion held Thursday by the Federal Reserve Bank of St. Louis and STL Youth Jobs.
The Organisation for Economic Co-operation and Development estimates that in 2012, 15 percent of people ages 16 to 24 in the U.S. were not employed, not in school or not getting job training. For each of those “detached” youth, the economy misses out on $14,000 annually.
Digging out of an economic crisis can be a lot more complicated than getting in to one and can take a lot more time, too. While there are positive signs that we are climbing out of the recession, there is still considerable fallout, especially for young couples and recent college grads.
Jobs are still hard to find for newcomers in the job market and college debt is overwhelming for many. The housing market decline, and resulting loss of wealth, was especially painful for young home owners.