Return to the Latest

Young Invincibles’ Statement on Troubling January 2014 Jobs Report

FOR IMMEDIATE RELEASE:
February 7, 2014

Contact: Colin Seeberger, colin.seeberger@younginvincibles.org, 214.223.2913

Young Invincibles’ Statement on January 2014 Jobs Report

Youth Unemployment Rate Increases Nearly 2 Points In a Month While More Young People Continue to Leave the Workforce; Young Black Workers See Surge In Unemployment Rate

[WASHINGTON]— As the national unemployment rate fell slightly to 6.6 percent and the economy added 113,000 jobs in January, the unemployment rate for 18 to 29 year-olds increased to 11.3 percent from 9.5 percent in December (not seasonably adjusted). For younger workers, ages 16 to 24, the unemployment rate increased to 14.2 percent from 13.5 percent in December (seasonally adjusted). Not only did youth unemployment increase, but 106,000 young workers ages 18 to 29 left the workforce last month (not seasonally adjusted).

Rory O’Sullivan, Policy and Research Director at Young Invincibles, released the following statement on this month’s jobs report:

“While Congress threatens to default on the nation’s full faith and credit, more and more unemployed young workers are left hanging in the balance. Extreme youth unemployment is costing taxpayers over $25 billion a year. For the sake of all Americans, it is time to invigorate the economy by expanding youth-specific job training and registered apprenticeships.”

Here is more information on how different populations of young people fared in January 2014:

· The unemployment rate for Black young adults ages 16 to 24 in January is 26.2 percent compared to 20.7 percent last month (not seasonally adjusted).

· The unemployment rate for Latino young adults ages 16 to 24 in January is 15.5 percent compared to 14.4 percent last month (not seasonally adjusted).

· The unemployment rate for young men ages 16 to 24 in January is 15.4 percent compared to 14.2 percent last month (seasonally adjusted).

· The unemployment rate for young women ages 16 to 24 in January is 13 percent, compared to 12.8 percent last month (seasonally adjusted).

Last month, Young Invincibles released In This Together, a new report quantifying the cost of youth unemployment—putting a value to the losses realized by federal and state governments and their taxpayers for the first time.

###

Young Invincibles is a national organization committed to amplifying the voices of young adults, ages 18 to 34, and expanding economic opportunity for our generation. Young Invincibles ensures that young adults are represented in today’s most pressing societal debates through cutting-edge policy research and analysis, and innovative campaigns designed to educate, inform and mobilize our generation to change the status quo. Follow us on Twitter at @YI_Care.