Echoing the national employment picture, young adults unemployment rate fell again last month, from 6.9 percent in July to 6.7 percent in August (seasonably adjusted). Young African Americans, a group with persistently high unemployment rates, also dropped nearly two points to 10.5 percent, although that estimate can not be adjusted for the seasonable employment changes, such as summer jobs.
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August 27, 2015
Contact: Sarah Schultz, firstname.lastname@example.org, 202.734.6510
YOUNG INVINCIBLES RELEASES “BEST JOBS FOR MILLENNIALS” REPORT
[WASHINGTON] – Today, Young Invincibles released a new report, “The Best Jobs for Millennials,” highlighting careers that set up young adults for economic security. To develop the ranking, Young Invincibles analyzed 400 occupations considering three key criteria: their median salaries, projected future growth, and percent of positions held by Millennials.
Millennials are facing a harsher economic landscape than older generations, including an unemployment rate more than 40 percent higher than the national average and median wages that have dropped 10 percent in the last decade. Economic security is a top priority for Millennials, and they need more information about what kinds of jobs lead to better wages, stable employment, and what kinds of education and training is necessary for these occupations.
“Our list highlights a diverse set of occupations that cross industries, value different skill sets, and require a broad range of postsecondary education and training” said Konrad Mugglestone, Policy Analyst at Young Invincibles. “For this generation, the pathway to prosperity is diverse, and that is something to be hopeful about, even in a tough economy.”
Other notable findings include:
STEM jobs are highly represented: 13 of the top 25 jobs are in STEM (science, technology, engineering and math) fields, and an additional five jobs are in medical fields.
There is a gender gap in the top jobs: Four of the top five jobs employ more men than women. This is particularly striking, given that young women are more educated than their male peers, yet men are still taking the majority of top jobs.
Marketable skills can be attained in diverse ways: To be qualified for a top 25 job, a young adult can hold varying levels of education or job training, including an apprenticeship, associate’s degree, bachelor’s degree, and beyond.
“This report is a good start at helping young adults weigh their future career options, but as a nation we still have significant work to do to map the education and training pathways that lead to these jobs ” said Tom Allison, Deputy Policy & Research Director, Young Invincibles. “As students are preparing to make crucial decisions – where to go to school and what to study – we should provide them with the information to make the choice that’s right for them.”
The United States’ Millennial unemployment rate is roughly 40 percent higher than the national average, despite the fact that many jobs remain unfilled. By helping narrow the skills gap, the Workforce Innovation and Opportunity Act (WIOA) is a big step towards ensuring young people have the training they need to fill the jobs of the 21st century. In response to the law’s proposed rules, Young Invincibles filed these comments.
When it comes the economy, March was a record-breaker, but not in a good way. After twelve straight months of ridiculously powerful growth, to the tune of over 200,000 jobs added each month, the economy slowed significantly. Only 126,000 jobs were added in March, much lower than experts predicted.
Pundits, while disappointed with slower growth, seemed to breathe a sigh of relief that the unemployment rate did not increase.
Except it did — for Millennials.
After months of the unemployment rate falling among young adults, the Millennial unemployment rate actually increased. While the rate for all ages remained at 5.5 percent, the unemployment rate for workers aged 18 to 34 jumped from 7.5 to 7.8 percent.
Given today’s already tough economy for Millennials, this is disturbing news. The young adult unemployment rate has consistently been higher than the rate for adults overall, but the Great Recession was particularly bad for young workers.
In 2012, when the nation decried an unemployment rate over 8 percent, workers ages 16 to 24 years-old suffered from an unemployment rate of 16.5 percent. That did not account for young adults who went back to school, were forced to take part-time work despite looking for a full-time job or gave up looking altogether. Millions of jobs traditionally held by younger workers just vanished, another casualty of the Great Recession.
Job growth over the past few months slowly started to eat away at the youth unemployment crisis. It wasn’t all rosy news — young African-American and Latino workers routinely face higher unemployment rates than their white peers. But considering that young African-American workers faced an unemployment rate of over 30 percent in 2012, current rates signal improvement.
Unemployment rates, however, are only a small part of the overall economic picture. Wage growth increased in March by seven cents an hour, though the work week did shorten, effectively neutralizing wage gain.
Young adults are disproportionately in desperate need of wage growth. Wages have fallen by ten percent since the Great Recession for Millennials, yet by four percent for adults over the age of 35.
And the job sectors where young people are landing work today are the worst offenders when it comes to stagnating wages. Young adults aged 18 to 24 are far more likely to work in the service industry, such as leisure and hospitality or retail. In retail, for example, young adults are now making $2,000 less than workers in this industry ten years ago.
If this latest uptick in unemployment becomes a trend, lawmakers should do everything in their power to do what we know works when it comes to resolving unemployment. Investing more in paid apprenticeships, for example, directly targeted to unemployed young adults would help solve the immediate need for a job, while preventing future unemployment by providing job training.
In the meantime, here’s to hoping for a more prosperous April.
FOR IMMEDIATE RELEASE:
• The unemployment rate for Black/African American young adults ages 18 to 34 in March is 14.4 percent (not seasonally adjusted), down from 14.6 percent in February.
• The unemployment rate for Hispanic/Latino young adults ages 18 to 34 in March remained stagnant from February at 8.8 percent (not seasonally adjusted).
• The unemployment rate for Asian-Pacific Islander young adults ages 18 to 34 in March is 4.4 percent (not seasonally adjusted), down from 5 percent in February.
• The unemployment rate for white young adults ages 18 to 34 remained at 6.7 percent in March (not seasonally adjusted), just as it was in February.
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[WASHINGTON]—As the national unemployment rate rose slightly from 5.6 in December to 5.7 percent in January and the economy added 257,000 jobs, the unemployment rate for 18 to 34 year-olds fell slightly to 7.8 percent in January from 7.9 percent in December (seasonably adjusted).
Black young adults still face an unemployment rate that’s more than two and a half times higher than their white peers, 15.5 percent compared to 5.7 percent, respectively. To help close this divide, Congress should pass many of the important job training investments President Obama called for in his budget, including expanding apprenticeships and connecting unemployed young people who are not in school to education and the workforce.
Here are more details on how different populations of young people fared relative to the overall workforce in January 2015:
• The unemployment rate for Black/African American young adults ages 18 to 34 in January is 15.5 percent (not seasonally adjusted), up from 14.8 percent in December.
• The unemployment rate for Hispanic/Latino young adults ages 18 to 34 in January is 9 percent (not seasonally adjusted), up from 7.8 percent in December.
• The unemployment rate for white young adults ages 18 to 34 in January is 7.1 percent (not seasonally adjusted), up from 5.6 percent in December.
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[WASHINGTON]— As the national unemployment rate fell slightly from 5.8 percent in November to 5.6 percent in December and the economy added 252,000 jobs in December, the unemployment rate for 18 to 34 year-olds dipped slightly to 7.9 percent in December from 8.3 percent in November (seasonably adjusted). However, the gap between the unemployment rate for white young adults and black young adults widened.
• The unemployment rate for Black/African American young adults ages 18 to 34 in December is 14.8 percent (not seasonally adjusted), up from 14.6 percent in November.
• The unemployment rate for Hispanic/Latino young adults ages 18 to 34 in December is 7.8 percent (not seasonally adjusted), down from 8.0 percent in November.
• The unemployment rate for white young adults ages 18 to 34 in December is 5.6 percent (not seasonally adjusted), down from 6.3 percent in November.
FOR IMMEDIATE RELEASE:
December 4, 2014
Sarah Lovenheim, email@example.com 202–734-6529
Colin Seeberger, firstname.lastname@example.org 214-223-2913
Washington, D.C. – Young Invincibles has released a new report, titled Where Young Adults Work, that takes an unprecedented look at labor force and wage trends and their impact on Millennials. The report provides a provocative snapshot of promising job sectors for young adults to embrace and shrinking industries to avoid, and also examines job sector value for Millennials by geography.
The report finds that young adults, ages 25 to 34 years-old, are landing jobs in low-wage industries traditionally held by younger Millennials.
“Despite the unemployment rate dropping, our report finds too many Millennials are struggling in low-wage sectors that may not set them up for careers that provide financial security. With Millennials expected to make up 50 percent of the workforce by 2020, legislators must work to align our higher education system with new demands in the workforce,” according to report authors Tom Allison and Konrad Mugglestone.
The report includes maps and charts — in addition to quantitative analysis — that comes from the U.S. Census’s 2014 Current Population Survey. Please be in touch if you would like to speak with a report author. We are happy to provide data sets, along with discussing our findings.
FOR IMMEDIATE RELEASE:
November 7, 2014
Contact: Sarah Lovenheim, email@example.com, 585.746.8281
[WASHINGTON]— As the national unemployment rate fell slightly to 5.8 percent and the economy added 214,000 jobs in October, the unemployment rate for 18 to 34 year-olds dipped slightly to 8.2 percent from 8.6 percent in September (seasonably adjusted). However, the gap between the unemployment rate for white young adults and black young adults widened.
Black young adults face an unemployment rate that’s more than twice as high as their white peers, 15.8 percent compared to 6.5 percent, respectively. We’d like to see the next Congress pass policies that could change this. As our recent report – Closing the Race Gap – showed, there are several policies that could help narrow these disparities.
For older Millennial workers, aged 25 to 34, the employment-population ratio — or the percent of the age group with jobs — increased to 76.2 percent, its highest level since December 2008.
Here is more information on how different populations of young adults fared relative to the overall workforce in October 2014.
• The unemployment rate for Black/African American young adults ages 18 to 34 in October is 15.8 percent (not seasonally adjusted), down from 16.2 percent in September.
• The unemployment rate for Hispanic/Latino young adults ages 18 to 34 in September is 8.0 percent (not seasonally adjusted), down from 8.8 percent in September.
• The unemployment rate for white young adults ages 18 to 34 in September is 6.5 percent (not seasonally adjusted), up from 7.2 percent in September.
Please be in touch if you would like to speak with one of our Millennial policy experts.
FOR IMMEDIATE RELEASE:
July 3, 2014
“We know that young African Americans get more value from education in terms of improved job prospects, so we must expand educational opportunities for young African Americans”
[WASHINGTON] – Rory O’Sullivan, deputy director of Young Invincibles, issued the following statement:
“While today’s unemployment rate of 6.1% is welcome news for the economy, when you break down the jobs numbers, it’s clear young adults are significantly struggling to enter the job market. Young adults, aged 18 to 34, fared far worse with an unemployment rate of 9% and the disparities by race are even more appalling.
Young African Americans, aged 18 to 34, face an unemployment rate that’s more than twice the rate of their white peers: 16.7% to 7.6%, respectively. We know that young African Americans get more value from education in terms of improved job prospects, so we must expand educational opportunities for young African Americans; bolstering the Pell Grant would be a good first step.”