Hey kids! You know that really hip, rock star, Rolling Stone, cool fella you voted for in 2008 and again in 2012? Turns out he’s a stone cold job killer as well.
Generation Opportunity has released their youth unemployment report for June 2014, and the outlook is incredibly bleak for young minority and female workers. The group utilizes a U-6 unemployment rate which adjust for the labor participation rate. Despite the feds releasing sparkling numbers such as 288,000 new jobs and an unemployment rate of 6.1%, those numbers gloss over the fact that a record 92,120,000 Americans are no longer in the workforce.
The latest GenOpp report on youth unemployment focuses on people aged 18-29.
- The effective (U-6) unemployment rate for 18-29 year olds, which adjusts for labor force participation by including those who have given up looking for work, is 15.2 percent (NSA). The (U-3) unemployment rate for 18-29 year olds is 10.5 percent (NSA).
- The declining labor force participation rate has created an additional 1.936 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.
As for female and minority millennials, the news is especially harrowing:
- The effective (U-6) unemployment rate for 18-29 year old African-Americans is 22.6 percent (NSA); the (U-3) unemployment rate is 18.5 percent (NSA).
- The effective (U-6) unemployment rate for 18-29 year old Hispanics is 16.1 percent (NSA); the (U-3) unemployment rate is 11.9 percent (NSA).
- The effective (U-6) unemployment rate for 18-29 year old women is 12.8percent (NSA); the (U-3) unemployment rate is 9.7 percent (NSA).
Additionally, even ignoring the labor participation rate and using the federal numbers, black unemployment as a whole remains twice that of their white counterparts.
Via CNS News:
The unemployment rate for black Americans is more than double that of white Americans, according to the latest data from the Bureau of Labor Statistics (BLS).
In the numbers released today, covering the month of June, the seasonally adjusted unemployment rate for black Americans age 16 and over was 10.7%, reported the BLS. The unemployment rate for white Americans in the same age group and time-frame was 5.3%, said the BLS.
Imagine Mitt Romney were currently the President. Major networks would be leading off every production with stories on racist Republican policies and “binders full of women.”
President Obama cruised to victory in 2012 on the strength of the youth vote, besting Romney by a 67 to 30 margin.