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Despite Higher Number of Jobs Created in October, Millennial Unemployment Rate Sees No Improvement

Posted
Press Releases, Workforce & Finances

FOR IMMEDIATE RELEASE
November 9, 2015
Contact: Sarah Schultz, sarah.schultz@younginvincibles.org, 202-734-6510

[WASHINGTON] — In October, the U.S. economy created 271,000 jobs, the largest number created in 2015 thus far, lowering the national unemployment rate to 5 percent. This is the lowest unemployment rate in seven years. Despite these hopeful gains nationally, the unemployment rate for Millennials ages 18 to 34 remains over 40 percent higher at 7.1 percent (seasonally adjusted). Alarming racial disparities persists as well, with young black adults facing a joblessness rate of 13.5 percent, which is nearly two and a half times the rate of their white peers and nearly triple the national rate.

“As we create new jobs, we must do more to increase stable and equitable employment opportunities for Millennials, a generation still confronting ripple effects from the Great Recession. One initiative that could play a role in preparing young adults for the workforce is the JOBS Act, introduced by Senator Kaine, which would expand Pell Grant eligibility to students enrolled in shorter-term job training programs,” said Jennifer Wang, policy director for Young Invincibles. “These programs can create vital career pathways that boost skills attainment and training opportunities. Increasing Pell Grants across the board for both traditional higher education and short-term job training programs would make a tremendous impact in preparing young adults for today’s workforce so they can be strong candidates for the jobs our economy is creating.”

Here are more details on how different populations of young people fared in October 2015:
October Jobs numbers

  • The unemployment rate for black/African American young adults ages 18 to 34 is 13.5 percent (not seasonally adjusted) in October, remaining stagnant from September.
  • The unemployment rate for Hispanic/Latino young adults ages 18 to 34 is 7.5 percent (not seasonally adjusted) in October, up from 7 percent in September.
  • The unemployment rate for Asian-Pacific Islander young adults ages 18 to 34 is 3.8 percent (not seasonally adjusted) in October, remaining stagnant from September.
  • The unemployment rate for white young adults ages 18 to 34 is 5.7 percent (not seasonally adjusted) in October, remaining stagnant from September.