by Mitch Kokai
Senior Political Analyst, John Locke Foundation
The folks from Generation Opportunity submit this analysis of the latest employment data:
Millennial Jobs Report: Youth Unemployment at 16.1% in June
Opportunities remain scarce for young people after years of debt-fueled government spending
Washington, DC – (7/5/13) – Generation Opportunity, a national, non-partisan youth advocacy organization, is announcing its Millennial Jobs Report for June 2013. The data is non-seasonally adjusted (NSA) and is specific to 18-29 year olds:
The effective (U6) unemployment rate for 18-29 year olds, which adjusts for labor force participation by including those who have given up looking for work, is 16.1 percent (NSA).
The declining labor force 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.
The (U3) unemployment rate for 18-29 year olds is 12.7 percent (NSA). The (U3) unemployment rate for 18-29 year old African-Americans is 23.7 percent (NSA); the (U3) unemployment rate for 18-29 year old Hispanics is 13.2 percent (NSA); and the (U3) unemployment rate for 18–29 year old women is 11.6 percent (NSA).
Evan Feinberg, President of Generation Opportunity, issued the following statement:
“The White House will undoubtedly try to spin this morning’s jobs report as evidence that their policies of higher taxes and unsustainable deficits are actually creating more opportunities – young people know better.
“Young people are finding fewer opportunities and are being saddled with the costs of our country’s unsustainable deficits.
“This week, Washington leaders failed once again to reach an agreement on student loan interest rates – never mind the fact that they never even bothered to address the underlying issue – skyrocketing tuition costs.
“Next we can look forward to a whole slew of new environmental regulations that will further inhibit job creation and screw over a generation that nobody seems to realize is suffering.”