Generation Jobless: The Unemployment Crisis of Millenials (2014)
January 30, 2014
February 2014 | Read the Full Report (PDF)
The Unemployment Crisis of Millennials
The Millennial Generation, sometimes referred to as Generation Y, is well on its way to becoming a “lost generation” as many politicians continue to push for amnesty and massive increases in immigration levels, putting the special interests of a narrow economic and political elite above the needs of the American people. Facing chronic unemployment and underemployment, Millennials are confronted with a future that is anything but bright. Many Millennials are failing to establish stable careers, while shouldering sizeable student loan debts. Those who do not graduate from college face a labor market in which there are few available jobs paying a living wage.
- The U.S. economy would have to produce 300,000 jobs every month for the next five years in order to return to pre-recession employment levels. The U.S. economy has averaged 42,000 new jobs a month over the last five years and 107,000 jobs a month over the last 25 years.
- In October 2013, half of all unemployed workers were Millennials (16- to 34-year olds).
- The Millennial population of working age in the United States increased by 2.6 million between 2007 and 2012, while the number in this age cohort who were working decreased by 2.9 million.
- Thirty-nine percent of 18- to 34-year olds were not in the workforce in 2012.
- Between 2003 and 2012, the number of unemployed 18- to 34-year olds increased 37 percent, up to 5.7 million. The only reason this number is not higher is that during the same period 3.3 million 18- to 34-year olds dropped out of the labor force.
- The labor participation rate for teenagers is at an historic low, down a third since 1970.
- Native-born Hispanic Millennials at all education levels are the group most negatively affected by competition from foreign workers.