Generation Opportunity, a national, non-partisan youth advocacy
organization, is announcing its Millennial Jobs Report for
August 2013. The data is non-seasonally adjusted (NSA) and is specific to 18-29
year olds:
•
The effective (U6) unemployment rate for 18-29 year olds, which
adjusts for labor force participation by including those who have given up
looking for work, is 16 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 (U3) unemployment rate for 18-29 year olds is 11.8 percent (NSA).
The (U3) unemployment rate for 18-29 year old African-Americans is 21.6
percent (NSA); the (U3) unemployment rate for 18-29 year old Hispanics
is 12.8 percent (NSA); and the (U3) unemployment rate for
18–29 year old women is 10.8 percent (NSA).
Evan Feinberg, President of Generation Opportunity, issued the
following statement:
"As the summer draws to a close, young people are no better off
than we were three months ago. Practically all of the jobs created this summer
were part-time, and precious few even went to young people. Worse, the looming
threat of Obamacare offers employers little incentive to transition any of
those jobs into full-time positions.
"Young people are recognizing there is little to like about
Obamacare and a whole lot that hurts them financially and personally. Once open
enrollment starts next month, I'm confident that millions of us are going to
opt-out of the law's doomed-to-fail exchanges; unfortunately, we can't opt-out
of the disastrous job market Obamacare has also created."
Generation
Opportunity is a national, non-partisan organization advocating for economic
opportunity for young people through less government and more freedom.
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