Generation Opportunity, a national advocacy organization for Millennials ages 18-29, has released its Millennial Jobs Report for December of 2012. According to the report, youth unemployment was at 11.5% in December, up from 10.9% the previous month. As Matthew Faraci, Senior Vice President for Communications at Generation Opportunity, put it, “2012 marked yet another year in which Millennials were unable to find real opportunities in the vocations for which they trained and are qualified.”
Looking even more closely at the statistics, Generation Opportunity found that the unemployment rate for 18-29 year old African Americans was at 22.1% (non-seasonally adjusted), while the rate was 12.2% for Hispanics. In addition, Generation Opportunity calculated that 10.4% of women were unemployed as of December 2012.
Another interesting piece of data put forth by Global Opportunity concerns the declining labor force participation rate. This has created another 1.7 million young adults that are not counted as “unemployed.” This means that the U.S. Department of Labor does not consider them to be part of the work force because the Millennials have given up looking for work due to the lack of jobs.
Of this crisis, Faraci said, “As Washington argues over short-term fixes, Millennials are wondering why their elected leaders continue to ignore critical issues such as unprecedented youth unemployment as well as the larger concern of addressing the nation’s underlying fiscal challenges.”
Grado, Terence. (2013, Jan. 4). “New December Jobs Report, Same Bleak Story.” Retrieved from http://generationopportunity.org/2013/01/04/new-december-jobs-report-same-bleak-story/.