13.1% of young people out of work in September, report finds

Generation Opportunity, a national, non-partisan youth advocacy organization, recently released their September Millennial Jobs Report and found that 13.1 percent of 18-29 years olds are unemployed, according to their latest findings.

The data is non-seasonally adjusted (NSA) and is specific to 18-29 year olds.

“Millennials continue to struggle with an unacceptable 13 percent unemployment rate," said Generation Opportunity national spokeswoman Patrice Lee, in a statement.  "A third of people under 29 hold degrees, but unfortunately, our higher education system is graduating debt-laden young Americans without job-ready skills. We need student-centric solutions that lower the cost of education and expand access to high-quality alternatives that prepare our generation for a 21^st century economy.” 

Some of the Report's findings included:

• The effective (U-6) unemployment rate for 18-29 year olds, which adjusts for labor force participation by including those who have given up looking for work, is 13.1 percent (NSA). The (U-3) unemployment rate for 18-29 year olds is 8.2 percent (NSA).

• The declining labor force participation rate has created an additional 1.801 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 those young people have given up looking for work due to the lack of jobs.

• The effective (U-6) unemployment rate for 18-29 year old African-Americans is 17.1 percent (NSA); the (U-3) unemployment rate is 15.1 percent (NSA).

• The effective (U-6) unemployment rate for 18-29 year old Hispanics is 13.6 percent (NSA); the (U-3) unemployment rate is 8.2 percent (NSA).

• The effective (U-6) unemployment rate for 18-29 year old women is 10.9 percent (NSA); the (U-3) unemployment rate is 7.8 percent (NSA).

These findings followed a recent survey of college graduates that found only 50 percent strongly feel their college education was worth the cost.

For more on Generation Opportunity, head to their site here.