Millennials Unemployment Report: 15.2% of Workers 18-29 Out of Work – ‘More Jobs’ Needed
(CNSNews.com) – In an unemployment report issued by Generation Opportunity, a Millinneal think tank, data from the Bureau of Labor Statistics (BLS) show that 15.2 percent of adults age 18-29 were unemployed in June. This percentage includes those people who are no longer looking for work.
“15.2 percent of young people are out of work,” Patrice Lee, director of outreach at Generation Opportunity, said in a statement on Thursday. “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,” Lee said, “not more spending that only ends up lining the pockets of wealthy corporations.”
The report, using non-seasonally adjusted (NSA) data, shows the actual unemployment rate for all adults age 18 to 29 is 10.5 percent.
The report also shows that the declining labor force participation rate has created an additional 1.936 million young adults that are counted as “unemployed” by the Department of Labor because they have given up looking for work.
Unemployment rates for minority Millennials is even higher, according to the report.
The unemployment rate for blacks, age 18 to 29, is 18.5 percent and the effective unemployment rate, including those no longer looking for work, is 22.6 percent.
The unemployment rate for Hispanics is 11.9 percent, with an effective unemployment rate of 16.1 percent.
Women age 18 to 29 are also experiencing high unemployment, with a 12.8 percent unemployment rate and an effective unemployment rate of 9.7 percent.