Generation Opportunity announced today in a press release that while the national unemployment rate for July has risen slightly to 8.3 percent, unemployment among young adults 18 to 29 years of age is 12.7 percent for the same period. Minorities within this same age group fared much worse. African Americans scored 22.3 percent, and Hispanics 14.0 percent. All these rates are non-seasonally adjusted (NSA).
Generation Opportunity noted further that:
• The youth unemployment rate for 18-29 year olds specifically for July 2012 is 12.7 percent (NSA). Additional notes: the youth unemployment rate for 18-29 year old African-Americans for July 2012 is 22.3 percent (NSA); the youth unemployment rate for 18-29 year old Hispanics for July 2012 is 14.0 percent (NSA); and the youth unemployment rate for 18–29 year old women for July 2012 is 12.6 percent (NSA).
• The declining labor participation rate has created an additional 1.715 million young adults that are not counted as “unemployed” by the U.S. Department of Labor (BLS) 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 16.7 percent (NSA).
Generation Opportunity encourages young Americans, as well as other concerned citizens, to call the White House and demand an end to policies that stifle job creation, hiring, and opportunity. The number is 202-456-1414. The complete young adult jobless report can be read at Generation Opportunity.
To learn more about Generation Opportunity, visit its website by clicking here.
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