15.8% of Young People Still Out of Work in January

15.8% of Young People Still Out of Work in January

Contact: David Pasch
(202) 230-7947 | Email

FOR IMMEDIATE RELEASE
February 7, 2014

15.8% of Young People Still Out of Work in January

Generation Opportunity releases Millennial Jobs Report

Washington, DC – (2/7/14) – Generation Opportunity, a national, non-partisan youth advocacy organization, is announcing its Millennial Jobs Report for January 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 15.8 percent (NSA). The (U-3) unemployment rate for 18-29 year olds is 11.3 percent (NSA).
  • The declining labor force participation rate has created an additional 1.922 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 23.9 percent      (NSA); the (U-3) unemployment rate is 20.1 percent (NSA).
  • The effective (U-6) unemployment rate for 18-29 year old Hispanics is 16.7 percent (NSA);      the (U-3) unemployment rate is 12.2 percent (NSA).
  • The effective (U-6) unemployment rate for 18-29 year old women is 13.5 percent (NSA); the (U-3) unemployment rate is 9.9 percent (NSA).

Evan Feinberg, President of Generation Opportunity, issued the following statement:

“Young Americans can thank Obamacare for such a bleak jobs picture. The Congressional Budget Office wasn’t lying when it reported Obamacare will reduce the American workforce by an additional 2 million jobs over the next three years.

“15.8% of us are still out of work and we have almost nothing to show for it – fewer people have health insurance now than in 2009.”

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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