Youth Unemployment Remains High in U.S.
A new report released Friday by Generation Opportunity, a national, nonpartisan youth advocacy organization, revealed the unemployment rate for 18-to-29-year-olds is 16.1 percent -- well above the national average of 7.6 percent.
The unemployment rate is adjusted for labor force participation by including those who have given up looking for work, and 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 actually in the labor force as they have given up looking for work due to the lack of jobs.
African-Americans between 18-29 have the highest unemployment rate at 23.7 percent, followed by 18-to-29-year-old Hispanics at 13.2 percent. Women between the ages of 18 and 29 have an unemployment rate of 11.6 percent, which is lower than the overall unemployment rate of 12.7 percent for 18-to-29-year-olds.
The White House will undoubtedly try to spin this mornings 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'sunsustainable deficits," said Evan Feinberg, president of Generation Opportunity.
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.
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