15 percent of millennials unemployed in July, group says

Online Staff Report

More than 15 percent of workers between 18 and 29 were unemployed in July, according to Generation Opportunity, a national, non-partisan youth advocacy organization.

Following are highlights of the organization’s  Millennial Jobs Report for July 2014.

  • The effective (U-6) unemployment rate for 18- to 29-year-olds, which adjusts for labor force participation by including those who have given up looking for work, is 15.1 percent (NSA). The (U-3) unemployment rate for 18-29 year olds is 10.5 percent (NSA).
  • The declining labor force participation rate has created an additional 1.926 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 22.5 percent (NSA); the (U-3) unemployment rate is 20.6 percent (NSA).
  • The effective (U-6) unemployment rate for 18-29 year old Hispanics is 16 percent (NSA); the (U-3) unemployment rate is 11 percent (NSA).
  • The effective (U-6) unemployment rate for 18-29 year old women is 12.8 percent (NSA); the (U-3) unemployment rate is 9.9 percent (NSA).

Patrice Lee, director of outreach at generation opportunity, said: “My generation is scraping to get by. 15.5 percent of us are unemployed and desperately seeking full-time jobs. Nationally, college graduates owe an average of almost $30,000 in student loan debt. Entrepreneurial endeavors from ‘side hustles’ to full-time Internet businesses are a key to our current financial stability, freedom from debt, and future security.”

 

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