Tags: Millennials | living | home | economy

More Millennials Living With Family Despite Jobs Rebound

Wednesday, 29 July 2015 05:31 PM

U.S. millennials are more likely to be living with relatives now than before the Great Recession as the job market fails to rebound fully, the Pew Research Center reported on Wednesday.

About 42.2 million millennials, or 67 percent of Americans aged 18 to 34, were living on their own in the first four months of 2015, the Pew report said.

In 2007, before the start of the two-year economic downturn, 42.7 million millennials, or 71 percent, were living independently, said the report based on U.S. Census Bureau data.

Improvements in jobs and wages "have not led to more millennials living apart from their families," the Pew report said.

The decline in independent living has come even as the job market for millennials has recovered somewhat, Pew said.

Unemployment for young adults in the first third of 2015 was 7.7 percent, above the 6.2 percent recorded in 2007, before the recession.

The millennials' jobless rate was more than 2 percentage points higher than for the United States overall in the four-month period.

Median weekly earnings for young adults have gone up slightly to $574 from a 2012 low of $547, the Pew analysis said.

The U.S. housing and furnishings industries could be affected as young adults avoid shun setting up their own households, Pew said.


© 2019 Thomson/Reuters. All rights reserved.

   
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U.S. millennials are more likely to be living with relatives now than before the Great Recession as the job market fails to rebound fully, the Pew Research Center reported on Wednesday.
Millennials, living, home, economy
214
2015-31-29
Wednesday, 29 July 2015 05:31 PM
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