Millennial Jobs Report: Youth Unemployment Reaches 13.1 Percent as U.S. Economy Shrinks
WASHINGTON, Feb. 4, 2013 (GLOBE NEWSWIRE) -- Generation Opportunity, a national, non-partisan organization advocating for Millennials ages 18-29, is announcing its Millennial Jobs Report for January 2013. The data is non-seasonally adjusted (NSA) and is specific to 18-29 year olds:
- The youth unemployment rate for 18-29 year olds specifically for January 2013 is 13.1 percent (NSA).
- The youth unemployment rate for 18-29 year old African-Americans for January 2013 is 22.1 percent (NSA); the youth unemployment rate for 18-29 year old Hispanics for January 2013 is 13.0 percent (NSA); and the youth unemployment rate for 18–29 year old women for January 2013 is 11.6 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.
- If the labor force participation rate were factored into the 18-29 youth unemployment calculation, the actual 18-29-unemployment rate would rise to 16.2 percent (NSA).
"President Obama says America should be 'investing in the generation that will build its future,' yet four years of his government-driven economic policies have left us with record youth unemployment and an economy that is literally shrinking. My generation is suffering disproportionately," said Terence Grado, Director of National and State Policy at Generation Opportunity. "Instead of staying the course and doubling down on failure, we need a new strategy that encourages the private sector to grow, invest, and provide real opportunities for the millions of young people who have great skills, are ready to contribute, and have waited long enough."
Generation Opportunity is asking young people to take action by sharing their personal stories on its flagship Facebook page, Being American by GO. This effort, called Tell Us About It, will reveal the real faces behind the statistics, giving young people a forum to dialogue about the impact of historically high youth unemployment in everyday life.
GO TO THE LINK BELOW TO SEE THEIR STORIES:
And follow us on Twitter: @GenOpportunity
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