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
- 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.