FOR IMMEDIATE RELEASE
December 7, 2012
Contact
Rae Roca
rae.roca@younginvincibles.org
202.378.3526
November Shows Major Gains in Employment for Young Americans:
11.3 Percent Unemployment for 18 to 29 year olds; down full percentage from October
[WASHINGTON, DC] –The Labor Department reported that the economy added 146,000 jobs in November and the national unemployment dropped to 7.7 percent. Young Americans benefited from the positive trends. The unemployment rate for18 to 29 year olds fell nearly a full percentage point from 12.2 percent in October to 11.3 percent in November.
Rory O’Sullivan, Policy Director at Young Invincibles, said “We’re encouraged by the latest jobs report because it shows that economic progress is starting to reach young Americans. As the hardest hit population in the recession, our generation is ready for every opportunity to get back to work. The good news should add pressure on our leaders in Washington to reach a deal to avoid the ‘fiscal cliff.’ Investing in youth jobs, training and education has to be a central strategy for growing our economy.”
The unemployment rate for the youngest young adults ages 16 to 24 fell from 16 percent in October to 15.6 percent in November; however this remains more than twice the national average. Latinos in this age group showed encouraging signs of job growth as their unemployment dropped from 17 percent to 16.4 percent. African-Americans aged 16 to 24 saw a greater improvement from 27.6 percent unemployment in October to 25.4 percent in November.
Although the payroll survey figure estimating 146,000 added in November does not break down by age, the unemployment rate survey allows us a rough estimate of jobs added by age group. It appears that the labor force size held steady for young people under age 24 last month while they added 155,000 positions. However, older young adults ages 25 to 29 lost an estimated 45,000 jobs in November.
For solutions to solving high youth unemployment check out the Young Invincibles Ideas Book, https://younginvincibles.org/
For more information visit Young Invincibles at www.younginvincibles.org.