Arlington, VA – The Millennial Jobs Report for the month of November finds that 13 percent of 18-29 year olds are unemployed. The data is non-seasonally adjusted (NSA) and is specific to 18-29 year olds.
Millennial Jobs Report findings:
- The effective (U-6) unemployment rate for 18-29 year olds, which adjusts for labor force participation by including those who have given up looking for work, is 13.0 percent (NSA). The (U-3) unemployment rate for 18-29 year olds is 7.6 percent (NSA).
- The declining labor force participation rate has created an additional 1.841 million young adults that are not counted as “unemployed” by the U.S. Department of Labor because they are not in the labor force, meaning that those young people have given up looking for work due to the lack of jobs.
- The effective (U-6) unemployment rate for 18-29 year old African Americans is 16 percent (NSA); the (U-3) unemployment rate is 11.6 percent (NSA).
- The effective (U-6) unemployment rate for 18-29 year old Hispanics is 13.8 percent (NSA); the (U-3) unemployment rate is 8.9 percent (NSA).
- The effective (U-6) unemployment rate for 18-29 year old women is 10.7 percent (NSA); the (U-3) unemployment rate is 6.2 percent (NSA).
Generation Opportunity National Spokeswoman Patrice Lee issued the following statement:
“This morning, the Bureau of Labor Statistics reported that the unemployment rate for December 2015 remained unchanged at 5 percent and that 292,000 jobs were added. Despite these new jobs, young Americans are still struggling to get ahead as we face a staggering 13 percent unemployment rate. For the second consecutive month, over 1.8 million young people who could be working have given up looking for work. Government has created barriers to opportunity that lock us out of the job market due to archaic and overbearing regulations. Let’s set young people on a path to success by removing those barriers and creating an environment where young Americans can flourish in a free society.”Voss Capital is tapping into the affordable housing shortage
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Generation Opportunity is a national, nonpartisan organization advocating for economic opportunity for young people through less government and more freedom.