Youth Unemployment Rate Remains High in U.S.
Generation Opportunity is a national, nonpartisan youth advocacy organization.
The effective unemployment rate for 18- to 29-year-olds, which adjusts for labor force participation by including those who have given up looking for work is 16 percent, while the (U3) unemployment rate for 18- to 29-year-olds is 11.8 percent.
According to a press release from Generation Opportunity, 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 unemployment rate for 18- to 29-year-old African-Americans was higher than the overall unemployment rate at 21.6 percent, while the U3 unemployment rate for 18- to 29-year-old women was lower than the national average at 10.8 percent.
"As the summer draws to a close, young people are no better off than we were three months ago," said Evan Feinberg, president of Generation Opportunity. "Practically all of the jobs created this summer were part-time, and precious few even went to young people. Worse, the looming threat of Obamacare offers employers little incentive to transition any of those jobs into full-time positions.
"Young people are recognizing there is little to like about Obamacare and a whole lot that hurts them financially and personally. Once open enrollment starts next month, I'm confident that millions of us are going to opt out of the law's doomed-to-fail exchanges; unfortunately, we can't opt out of the disastrous job market Obamacare has also created."