The dismal jobs situation in America is even worse for young adults, who are suffering an unemployment rate 30 percent higher than the national average of 7.8 announced by Washington Friday.
According to Generation Opportunity, which charts unemployment for Millennials aged 18-29, the rate is 11.5 percent and a shocking 22.1 percent for younger black Americans.
Here's their release just received by Secrets:
December's Millennial Jobs Report: Youth Unemployment at 11.5 Percent
Washington, DC - (1/4/13) - Generation Opportunity, a national, non-partisan organization advocating for Millennials ages 18-29, is announcing its Millennial Jobs Report for December 2012. The data is non-seasonally adjusted (NSA) and is specific to 18-29 year olds:
The overall unemployment rate for 18-29 year olds for December 2012 is 11.5 percent (NSA).
The unemployment rate for 18-29 year old African-Americans for December 2012 is 22.1 percent (NSA); the unemployment rate for 18-29 year old Hispanics for December 2012 is 12.2 percent (NSA); and the unemployment rate for 18-29 year old women for December 2012 is 10.4 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.
If the labor force participation rate were factored into the 18-29 unemployment calculations, the actual Millennial unemployment rate would rise to 16.3 percent (NSA).
"As Washington argues over short-term fixes, Millennials are wondering why their elected leaders continue to ignore critical issues such as unprecedented youth unemployment as well as the larger concern of addressing the nation's underlying fiscal challenges," said Matthew Faraci, senior vice president for communications at Generation Opportunity and a former U.S. Labor Department spokesperson.