December Jobs Report: Young Adult Unemployment Lowest Since May 2007

The unemployment rate for young adults fell to 6.3 percent in December 2016,  its lowest point in nearly a decade. Last week’s report is the final jobs report of the Obama administration, which oversaw a volatile workforce that significantly impacted young adults. A few notable points:

• Young adults suffered from 54 straight months of double-digit unemployment rates between January 2009, when President Obama first took office, to June 2013.
• Young adult unemployment reached its height at 13.3 percent in April 2010.
• Last month’s rate of 6.3 percent is the lowest the rate has been since May 2007.

While the jobs market has generally recovered from the Great Recession in the short-term, last week Young Invincibles released new research analyzing long-term declines in financial security, which show that  today’s Millennials earn lower incomes, own homes at lower rates, and have amassed fewer assets and wealth than Baby Boomers when they were the same age.