MILLENNIAL UNEMPLOYMENT RATE STAGNANT AT 12.8 PERCENT

Contact: Clay Sutton

540-236-8227 csutton@genopp.org

FOR IMMEDIATE RELEASE

March 4, 2016

Arlington, VA – The Millennial Jobs Report for the month of February finds that 12.8 percent of 18-29 year olds are unemployed.  The data is non-seasonally adjusted (NSA) and is specific to 18-29 year olds.  Below are additional Millennial Jobs Report findings:

  • 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 12.8 percent (NSA). The (U-3) unemployment rate for 18-29 year olds is 8.1 percent (NSA).
  • The declining labor force participation rate has created an additional 1.8 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 15.2 percent (NSA); the (U-3) unemployment rate is 12.0 percent (NSA).
  • The effective (U-6) unemployment rate for 18-29 year old Hispanics is 13.9 percent (NSA); the (U-3) unemployment rate is 8.9 percent (NSA).
  • The effective (U-6) unemployment rate for 18-29 year old women is 10.5 percent (NSA); the (U-3) unemployment rate is 7.1 percent (NSA).

Generation Opportunity National Spokeswoman Patrice Lee issued the following statement in response to the Millennial Jobs Report for the month of February:

“It is good news that more young Americans are finding work, but millions of millennials are still struggling to catch up with the rest of the workforce. Millennials are the largest and most educated generation in the U.S., yet many millennials are faced with crushing levels of student debt and, with youth unemployment at 12.8 percent, they can’t find good paying jobs or afford to start their own businesses. Hardworking young people are being forced to do more with less, and Washington’s policies aren’t helping.  Until policymakers realize we can’t tax, spend and regulate our way into job growth, young people will unfortunately continue to be left behind the rest of the economy.”

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

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