15.2% of Young People Out of Work in June

15.2% of Young People Out of Work in June

Contact: Corie Whalen Stephens
(703) 872-9565 | Email
FOR IMMEDIATE RELEASE
July 3, 2014

15.2% of Young People Out of Work in June

Generation Opportunity releases Millennial Jobs Report

Washington, DC – (7/3/14) – Generation Opportunity, a national, non-partisan youth advocacy organization, is announcing its Millennial Jobs Report for June 2014. The data is non-seasonally adjusted (NSA) and is specific to 18-29 year olds:

  • 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 15.2 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 1.936 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 22.6 percent (NSA); the (U-3) unemployment rate is 18.5 percent (NSA).
  • The effective (U-6) unemployment rate for 18-29 year old Hispanics is 16.1 percent (NSA); the (U-3) unemployment rate is 11.9 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 9.7 percent (NSA).

Patrice Lee, Director of Outreach at Generation Opportunity, issued the following statement:

“15.2 percent of young people are out of work. ON top of not having jobs and struggling with student loan debt, young people are paying for crony government policies like the Export-Import Bank. My generation needs more jobs, not more spending that only ends up lining the pockets of wealthy corporations.”

Generation Opportunity is a national, non-partisan organization advocating for economic opportunity for young people through less government and more freedom.

 

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