16% of Young People Out of Work in August

16% of Young People Out of Work in August

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

FOR IMMEDIATE RELEASE
September 6, 2013

As Obamacare looms, Generation Opportunity releases final Millennial Jobs Report of the summer

Washington, DC – (9/6/13) – Generation Opportunity, a national, non-partisan youth advocacy organization, is announcing its Millennial Jobs Report for August 2013. The data is non-seasonally adjusted (NSA) and is specific to 18-29 year olds:

  • The effective (U6) unemployment rate for 18-29 year olds, which adjusts for labor force participation by including those who have given up looking for work, is 16 percent (NSA).
  • 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.
  • The (U3) unemployment rate for 18-29 year olds is 11.8 percent (NSA). The (U3) unemployment rate for 18-29 year old African-Americans is 21.6 percent (NSA); the (U3) unemployment rate for 18-29 year old Hispanics is 12.8 percent (NSA); and the (U3) unemployment rate for 18–29 year old women is 10.8 percent (NSA).

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

“As the summer draws to a close, young people are no better off than we were three months ago. Practically all of the jobs created this summer were part-time, and precious few even went to young people. Worse, the looming threat of Obamacare offers employers little incentive to transition any of those jobs into full-time positions.

“Young people are recognizing there is little to like about Obamacare and a whole lot that hurts them financially and personally. Once open enrollment starts next month, I’m confident that millions of us are going to opt-out of the law’s doomed-to-fail exchanges; unfortunately, we can’t opt-out of the disastrous job market Obamacare has also created.”

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

 

Follow us on Twitter: @GenOpportunity

 

 

 

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