Jobs Market Improving? 13.1% of Young People Still Out of Work

A surge in job growth for October has dropped the unemployment rate to 5.0 percent. Reuters says this is a 7-1/2-year low, and says it is “a show of economic strength that makes it much more likely the Federal Reserve will raise interest rates in December.”

Economists may say the economy is improving, but Generation Opportunity Spokeswoman Patrice Lee says Millennials are not seeing it the same way.

Generation Opportunity’s October Millennial Jobs Report shows 13.1 percent of 18-29 years olds are unemployed. The report data is not seasonally adjusted and is specific to 18-29 year olds.

Millennial Jobs Report findings For 18-29 Year Olds

time for change
Official Unemployment figures are falling, but is it translating to enough jobs for millennials?

  • The effective (U-6) unemployment rate is 13.1 percent
  • The (U-3) unemployment rate is 8 percent

Note: U-6 adjusts for labor force participation by including those who have given up looking for work.

Generation Opportunity notes that declining labor force participation rate means 1.838 million more young adults are not counted as “unemployed” by the U.S. Department of Labor because they are not in the labor force because they are not actively looking for work. They have given up looking for work because there is a lack of jobs.

Worse Results for Hispanics

  • The effective (U-6) unemployment rate is 13.7 percent.
  • The (U-3) unemployment rate is 8.7 percent.

Worse Results for African-Americans

  • The effective (U-6) unemployment rate is 16.8 percent.
  • The (U-3) unemployment rate is 14.8 percent.

Results for Women

Breaking out results for women shows the effective (U-6) unemployment rate is 10.9 percent and the (U-3) unemployment rate is 7.6 percent.

The official 5.0% figure doesn’t look so good for these people.

A statement issued by Generation Opportunity noted:

“The economy may be turning around for some people, but young Americans are still struggling under double-digit unemployment, not to mention soaring higher education costs that show no signs of receding. Our generation is looking to policy leaders to embrace freedom and innovation, and to put an end to the burdensome regulations that close the door on opportunities we need to thrive.” – Patrice Lee.

The State of California’s Employment Training Panel has approved more than $13.4 million to train more than 14,400 workers. $1.4 million of that amount is for apprenticeship training programs.

Stewart Knox, the Employment Training Panel’s Executive Director said “Apprenticeship training programs increase career opportunities for Californians while meeting employers’ needs for skilled workers that help to grow businesses.”

The problem is that “career opportunities” don’t always result in jobs, other than for the training companies.

Hot this week

Did David Wineland and Serge Haroche Steal Idea For The Nobel Physics Prize?

Dr. Omerbashich says the Royal Swedish Academy is a Crime Scene and he has the proof that Nobel laureates stole his discovery.

New Approaches to Disaster Relief Challenges

Disaster relief has always been a challenge. NASA, Google,...

3 Legitimate Money Making Methods to Supplement Your Income

In a perfect world, when your landlord raises your...

2016 Predictions by World Renowned Medium and Psychic Lindy Baker

World renowned medium and psychic Lindy Baker is interviewed by The Hollywood Sentinel, discussing psychic power, the spirit world, life after death, areas of concern in 2016, and much more.

Digital Coupon Customers Spending More Than Double At Stores

A new study shows that customers who use digital coupons go shopping more for groceries and other household goods more often and spend more on their shopping trips.

Israel-Hamas War, What Has Israel Been Missing

The constant question one who follows this war is...

Azerbaijan and Armenia Work Towards Peace Treaty

After years of fighting each other, Azerbaijan and Armenia are working towards a peace treaty but there are obstacles, including a lack of trust.

Top IR Tools for Retail Engagement: How Arx Helps Public Companies Compete

Key Takeaways: Arx is a Tel Aviv-based investor relations...

LAJFF Reminds Us Of The Beatles And More

The Los Angeles Jewish Film Festival (LAJFF) is celebrating...

Listo Expands with Major NHL Partnerships at Bridgestone Arena and Xcel Energy Center

Listo, a next-generation premium experience and hospitality platform, is...

Don’t Demand Respect While Rejecting the Host Culture

Why demanding respect from the West without self-reflection falls flat. A powerful defense of Western values and cultural boundaries.

FUD Is the Only Thing That’s Real in Crypto Right Now

In the topsy-turvy world of crypto, where projects appear...

Related Articles

Popular Categories