The non-seasonally adjusted unemployment rate for 18-29 year olds for November 2012 is now a high 10.9 percent. The declining labor force participation rate has created an additional 1.7 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. If the labor force participation rate were factored into the 18-29 unemployment calculations, the actual Millennial unemployment rate would rise to a staggering 16.4 percent (NSA)!
Overall, the unemployment rate is 7.7 percent, according to the U.S. Department of Labor, in the first jobs report since the 2012 Presidential Election, when Millennials voiced historic frustration with the lack of access to opportunity at the voting booth. According to national exit polling published by The New York Times, the incumbent candidate’s margin of support among 18-29 year olds dropped 11 points from 2008 levels.
This month’s unemployment picture for young people continues to offer little in the way of promise for a generation in which genuine opportunities are few and far between. Millennials have high expectations of those who were elected in November and are eager for the kind of real job growth that would finally, after years of stagnation, afford them a chance to put their substantial skills to work.
Terence Grado, Director of National and State Policy, and the full team at Generation Opportunity