January 2017 Monthly Jobs Analysis

JanJobsGraph

The young adult unemployment rate increased slightly to 6.5 percent, in January (seasonally adjusted), up from 6.3 percent in December. About 51,000 new young adults entered the workforce, which can cause the unemployment rate to increase. The number of unemployed also increased and by a larger margin than new young adults in the workforce. The young adult unemployment rate continues to persist at higher rates that the national unemployment rate, which also increased slightly  from 4.7 percent up to 4.8 percent.

The unemployment rate grew for young Latinos, African Americans, and Asian or Pacific Islanders over the month (though these are not seasonally adjusted). Notably, the rate for Asian or Pacific Islander young adults doubled, from 2.7 percent to 5.5 percent.

The workforce has largely recovered  since the Great Recession, as reflected by stronger employment rates, but new research published by Young Invincibles last month demonstrated longer-term structural problems for today’s young adults. Millennials today earn lower incomes, own houses at lower rates, and have amassed fewer assets and wealth than Boomers had when they were the same age in 1989.,This highlights that increased employment is just one piece of the puzzle needed to get this generation of young people back on track.

Share Button

Leave a Reply

Your email address will not be published. Required fields are marked *

* Copy This Password *

* Type Or Paste Password Here *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>