On July 2, National Public Radio (NPR) reported that young people are working much less than their older predecessors. According to the report, currently 5.8 million young people are neither in school nor working. The Bureau of Labor Statistics (BLS) defines youth workers as those actively looking for work between the ages of 16 and 24. Today’s Top 5 will take a closer look at youth unemployment and millennial workers currently in and out of the labor force.
- Today, Youth Unemployment Represents More Than Twice The National Unemployment Rate. In June, the national unemployment rate is 6.1 percent. When breaking down that number, 23.9 percent of unemployed individuals are ages 16-19, while 11.3 percent of all uneployed individuals are between the ages of 20 and 24.
- In June 2014, Nearly 3.4 Million Youth Were Unemployed And Looking For Work. According to the BLS, 3.4 million individuals ages 16 to 24 are currently looking for work and have been unsuccessful. 1.6 million of these individuals represent those ages 16 to 19. This number is down 200,000 from June 2013, where 1.8 million young individuals were looking for work.
- For Those Ages 16 To 19, The Total Number Of Individuals Looking For Work Has Not Changed Over The Past Decade. In June 2004, 1.617 million individuals were unemployed. Currently, 1.610 million individuals are looking for work. Elisabeth Jacobs, senior director for policy and academic programs at the Washington Center for Equitable Growth, noted, “It’s a big deal. … That’s a whole cohort of Americans who are at the very beginning of their careers and are pretty dispirited.”
- A New Georgetown University Report Showed That 40 Percent Of All Unemployed Individuals Are Millennials. A new analysis conducted by the Georgetown University Center on Education and the Workforce showed that 40 percent of all unemployed workers are millennials. The Pew Research Center defined millennials as those individuals between ages 18 and 33. According to Andrew Hanson, who conducted the analysis, “I was surprised by how high that number is for millennials. Unemployment is becoming a youth problem.”
- Since The Recession, Jobs Held By Millennials Have Only Increased By 110,000. According to CareerBuilder and Economic Modeling Specialist International, a labor market data and software firm, the number of jobs held by millennials increased only .3 percent from 2007 to 2013. This is compared to baby boomers who gained 1.9 million jobs, or 9 percent over the same time period. CareerBuilder spokesman Ryan Hunt noted this could be because, “Entry-level jobs were choked off after the recession and those that were open were highly competitive.”