While the national unemployment rate has kept firm at 7.9%,
the jobless rate for Millennials (or the 80 million Americans born between 1980 and 2000)
continues to increase, reaching the alarming rate of 13.1% in January 2013.
Millennials now have the highest generational unemployment in the United States.
The
Pew Center calls Millennials the “boomerang generation,"the jobless rate for Millennials (or the 80 million Americans born between 1980 and 2000)
continues to increase, reaching the alarming rate of 13.1% in January 2013.
Millennials now have the highest generational unemployment in the United States.
because nearly 40% of all Americans between the ages of 18-34 still live at home with their parents;
numbers this high haven’t been seen in over 70 years.
And the boomerang trend is expected to continue or even worsen. The National Bureau of Economic Research reports that those who graduate during a recession will earn 10% less over a decade of work.
As a result, Millennials aren’t taking on debt or making economy-boosting purchases.
Young people aren’t buying houses or cars and they’re delaying marriage and children.
Many have also begun to wonder if college is worth the cost — outstanding student loan debt now tops $1 trillion. In 2011, two-thirds of college seniors graduated with an average of $26,000 in student loan debt.
...
While the unemployment rate for young workers is nearly twice as high as the overall rate,
it still pays to stay in school. Between 2011 and 2012 the unemployment rate for High School graduates was 31.1% while the unemployment rate for college graduates was 9.4%, a significant difference.
Of course young people have a harder time finding employment than their adult contemporaries; they have less experience and are new to searching for work. In both recessions and expansions young unemployment is historically nearly double the national rate.
While things don’t look great for the current generation of young adults, they are not hopeless. Let’s not disregard 80 million Americans.
