Amid news that the economy is shrinking as of the last quarter, the latest unemployment figures paint a less-than-rosy picture for young adults and new college grads:
- The youth unemployment rate for 18-29 year olds specifically for January 2013 was 13.1 percent (NSA).
- The youth unemployment rate for 18-29 year old African-Americans for January 2013 was 22.1 percent (NSA); the youth unemployment rate for 18-29 year old Hispanics for January 2013 was 13.0 percent (NSA); and the youth unemployment rate for 18–29 year old women for January 2013 was 11.6 percent (NSA).
- The declining labor participation rate has created an additional 1.7 million young adults that are not counted as “unemployed” by the U.S. Department of Labor because they are not in the labor force, meaning that those young people have given up looking for work due to the lack of jobs.
- If the labor force participation rate were factored into the 18-29 youth unemployment calculation, the actual 18-29-unemployment rate would rise to 16.2 percent (NSA).
Read the full monthly millennial jobs report at Generation Opportunity.