Millennial Jobs – 1.8 Million Able-Bodied Young Americans Gave Up Looking For Work In January
Arlington, VA – The Millennial Jobs Report for the month of January finds that 12.8 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 12.8 percent (NSA). The (U-3) unemployment rate for 18-29 year olds is 8.1 percent (NSA).
- The declining labor force participation rate has created an additional 1.83 6million 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 15.3 percent (NSA); the (U-3) unemployment rate is 13.0 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 8.6 percent (NSA).
- The effective (U-6) unemployment rate for 18-29 year old women is 10.5 percent (NSA); the (U-3) unemployment rate is 7.3 percent (NSA).
Generation Opportunity National Spokeswoman Patrice Lee issued the following statement:
“Another month of lackluster job growth doesn’t offer much hope for a generation facing stagnant opportunities and wages.
“We are the most educated generation, but we’ve racked up over a trillion dollars of student loan debt. Only a third of those earning four-year degrees land jobs in this economy that require a degree, but too many are finding only low-skill jobs and struggling to get by.
“We need solutions that offer young people choice and access to the skills that will lead to a good job in this economy without taking on a mountain of debt.”
Generation Opportunity is a national, nonpartisan organization advocating for economic opportunity for young people through less government and more freedom.