Tags: millennials | unemployed | Georgetown | working

Georgetown Study: Millennials Account for 40 Percent of Unemployed

By    |   Thursday, 03 July 2014 03:22 PM

While many financial commentators were excited by the 288,000 gain in June payrolls reported Thursday, the news isn't so great for millennials.

Those of employment age born in the early 1980s and afterward account for 40 percent of the unemployed, or 4.6 million people, according to a study from the Georgetown University Center on Education and the Workforce which was provided to MarketWatch.

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That total compares to 37 percent, or 4.2 million, for Generation X, and 23 percent, or 2.5 million, for baby boomers. Generation X consists of people born from 1965 through the early 1980s. Baby boomers are those born from 1946 to 1964.

"I was surprised by how high that number is for millennials," Andrew Hanson, a research analyst at Georgetown University who analyzed the data, told MarketWatch. “Unemployment is becoming a youth problem.”

Of the 4.6 million jobless millennials, 2 million have been out of work for at least six months.

Some experts also are concerned about paltry gains in personal income.

"Just because more people are working doesn’t mean conditions overall are improving that much," Jeffrey Rosen, chief economist at research firm Briefing.com, told Yahoo. "What we haven’t seen is a large pickup in hours and in actual earning levels."

Average hourly earnings climbed 2 percent in the year through June, and average weekly hours worked totaled only 34.5 in June for the fourth consecutive month.

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While many financial commentators were excited by the 288,000 gain in June payrolls reported Thursday, the news isn't so great for millennials.
millennials, unemployed, Georgetown, working
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2014-22-03
Thursday, 03 July 2014 03:22 PM
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