Youth unemployment at the highest sustained level since World War II
WASHINGTON, May 3, 2013 /PRNewswire-USNewswire/ -- Generation Opportunity, a national, non-partisan youth advocacy organization, is announcing its Millennial Jobs Report for April 2013. The data is non-seasonally adjusted (NSA) and is specific to 18-29 year olds:
- The youth unemployment rate for 18-29 year olds for April 2013 is 11.1 percent (NSA).
- The effective unemployment rate is 16.1 percent, which adjusts for labor participation rate by including those who have given up looking for work. The declining labor force participation rate has created an additional 1.7 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.
The April 2013 youth unemployment rate for 18-29 year old African-Americans is 20.4 percent (NSA); for 18-29 year old Hispanics 12 percent (NSA); and for 18–29 year old women unemployment is 10 percent (NSA). Evan Feinberg, President of Generation Opportunity and one of the first Millennials to run for Congress, issued the following statement:
"It is a rough time to be a young person in America. The effective youth unemployment rate is 16.1%, and with about 2 million college students graduating this month, there is no sign of an economic recovery for my generation. Half of all graduating seniors aren't going to find meaningful work in the coming months. And it isn't like politicians care -- they spent this week pushing an Internet sales tax which hits our generation hardest. Reckless policies coming from Washington continue to prevent the next generation from prospering."
Generation Opportunity is a national, non-partisan organization advocating for economic opportunity for young people through less government and more freedom.
Follow us on Twitter: @GenOpportunity
CONTACT: David Pasch – 202-230-7947 | EMAIL
SOURCE Generation Opportunity