4.6 Million Unemployed Millennials in US According to Report
Despite the fact that the national unemployment rate in the United States is falling, the employment situation continues to remain dire for younger adults in the country.
According to the Georgetown University Center on Education and the Workforce, roughly 40% of the currently unemployed workers in the United States are "millennials". The "Millennials", also known as "Generation Y", consist of people born between the early 1980s and the early 2000s.
The report goes on to say that there are currently an estimated 4.2 million unemployed members of "Generation X" (those born between the early 1960s and the early 1980s) and 2.5 million unemployed "Baby Boomers".
The younger workers in the country are still finding it exceedingly difficult to find work, especially in their chosen fields. The competition for jobs is fierce, as many "baby boomers" and members of "Generation X" have lowered their expectations and accepted jobs that they would have once considered to be beneath them. Many employers are choosing experience over youth, and this has resulted in many young adults either finding themselves out of work or working in food service and retail sales positions. There is a good chance that you know somebody who is a university graduate that is currently working at a department store or fast food establishment in order to pay the bills.
This trend has resulted in many recent college graduates finding themselves unable to pay back their student loans on time, which has resulted in a much higher student loan delinquency rate than usual.
While the employment situation is improving in the country in general, younger workers are still finding themselves in a desperate struggle to find work.
Source: Marketwatch.com - 40% of unemployed workers are millennials
Filed under: General Knowledge