Millennial Unemployment Rate Nearly 4 Points Above National Average
Generation Opportunity’s Millennial Jobs Report for January 2013 reports that Millennial employees experienced an 11.5 percent unemployment rate in December with African-American Millennials experiencing a 22.1 percent rate. Hispanics’ unemployment within the group was at 12.2 percent while female Millennials saw a 10.4 percent rate. In addition, about 1.7 million Millennials are now going uncounted by the U.S. Department of Labor in calculating the unemployment rate due to dropping out of the labor force. Were these individuals included, the unemployment rate would rise to 16.3 percent.
“Expected seasonal hiring is likely keeping youth unemployment artificially low, and young people know all too well that a temporary job over the holidays is not a long-term solution,” Matthew Faraci, senior vice president for communications at Generation Opportunity, said. “The fact is that 2012 marked yet another year in which Millennials were unable to find real opportunities in the vocations for which they trained and are qualified.”
“This meant another year just scraping by, falling further behind on student loan payments, living at home with mom and dad, sending out hundreds of resumes, and filling out numerous job applications, all with little or no result. This was another year without hope for a generation eager to apply their skills and get in the game. As Washington argues over short-term fixes, Millennials are wondering why their elected leaders continue to ignore critical issues such as unprecedented youth unemployment as well as the larger challenge of addressing the nation’s underlying fiscal challenges.”