Generation Opportunity, a national, non-partisan youth advocacy organization, is announcing its Millennial Jobs Report for May 2013. The data is non-seasonally adjusted (NSA) and is specific to 18-29 year olds:
• The effective unemployment rate for 18-29 year olds, which adjusts for labor participation rate by including those who have given up looking for work, is 16.1 percent (NSA).
• 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 unemployment rate for 18-29 year olds is 11.6 percent (NSA). The unemployment rate for 18-29 year old African-Americans is 21 percent (NSA); the unemployment rate for 18-29 year old Hispanics is 11.7 percent (NSA); and the unemployment rate for 18–29 year old women is 10.6 percent (NSA).
Evan Feinberg, President of Generation Opportunity and one of the first Millennials to run for Congress, issued the following statement:
"With today's depressing unemployment numbers and an economy that has been down for years, it would be nice for people my age to think that someone is watching out for us. Knowing that someone in Washington had our back would be comforting – and might give us some hope. Sadly, in recent days we've only seen more of the same from this Administration. We've witnessed President Obama state that more government involvement is the solution to unemployment, student loans, health care, etc. What has it gotten us? The highest sustained levels of youth unemployment since World War II, sky-high tuition and student debt, and rising insurance premiums. Government solutions aren’t solutions at all. Once again, Washington doesn't get it."
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