Large Millennial Gen Troubled Job Prospects

About 300 million more jobs will be needed to employ the young people entering the workforce in the next decade. The Pew Research Center found that the percentage of 18- to 29-year-olds in the US who were employed full-time dropped by 9% from 2006 to 2010, while their earnings also decreased since 1980. By 2015 more than a third of US workers were Millennials; at more than 53 million they are the largest group of workers and 40% of the unemployed (down to 14% of young people aged 18 to 29 in 2015).[i] They’ll be almost half of the workshop by 2020. The number of young people making less than $25,000 climbed since the 1990s and 44% of college graduates work in low-wage jobs resulting in more frugal living for “The Cheapest Generation.”[ii] More than half of “Kidult” (a term coined by the London Times) ages 19 to 22 are partially dependent on their parents[iii] due to recession, staying longer in college, increased tuition costs, and being the first generation raised by very involved “Velcro parents” staying in frequent contact with electronic

[i] Richard Fry, “Millennials Surpass Gen Xers as the Largest Generation in the U.S. Labor Force, Pew Research Center, May 11, 2015.

Leah McGrath Goodman, “Millennial College Graduates: Young, Educated, Jobless,” Newsweek, May 27, 2015.

http://www.pewresearch.org/fact-tank/2015/05/11/millennials-surpass-gen-xers-as-the-largest-generation-in-u-s-labor-force/

http://www.newsweek.com/2015/06/05/millennial-college-graduates-young-educated-jobless-335821.html

[ii] Ashley Stahl, “The 5.4% Unemployment Rate Means Nothing for Millennials, Forbes Magazine, May 11, 2015.

http://www.forbes.com/sites/ashleystahl/2015/05/11/the-5-4-unemployment-rate-means-nothing-for-millennials/

[iii] Diane Swanbrow, “How Much Money Parents Give to College-Age Kids,” Institute for Social Research, May 3, 2012.

http://www.sampler.isr.umich.edu/2012/research/how-much-money-parents-give-to-college-age-kids-um-study/

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