Millennial’s unemployment at 10.9%, higher for young minorities
A national organization that advocates for Millennials in the workforce estimates that unemployment for the age group, roughly between 18 and 29 years ol,d sits at a non-seasonally 10.9 percent.
The outlook for black and Hispanic workers in the age range is even more bleak, with unemployment estimated to be 12.5 percent.
The group, called Generation Opportunity, also estimated:
- The unemployment rate for 18–29 year old women is 10.5 percent.
- 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 unemployment calculations, the actual Millennial unemployment rate would rise to 16.4 percent.