Generation Opportunity, a national, nonpartisan youth advocacy organization, announced last week that their November Millennial Jobs Report revealed that 13.1 percent of 18-29 years olds are currently unemployed. The data is non-seasonally adjusted and is specific to the 18-29 age group.
Amongst the Jobs Report findings:
- 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 percent (NSA).
- The declining labor force participation rate has created an additional 1.855 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.
Generation Opportunity national spokeswoman Patrice Lee stated the following: “Youth unemployment is stalled at 13.1 percent for the third month in a row. According to the Kauffman Foundation, ‘new businesses account for nearly all net new job creation’ and ‘companies less than one year old have created an average of 1.5 million jobs per year over the past three decades.’ Our generation is looking for fresh ideas that remove barriers to opportunity and make it easier for startups and entrepreneurs to create jobs."
For more on Generation Opportunity, head to their site here.