“Young people are finding fewer opportunities and are being saddled with the costs of our country's unsustainable deficits,” said Evan Feinberg, president of Generation Opportunity, in a statement issued following today's jobs report release.
The effective unemployment rate for 18-29 year olds, which adjusts for labor force participation by including those who have given up looking for work, is 16.1 percent, according to this reaction. The official number is 12.7 percent for this age group.
The declining labor force participation rate has added an additional 1.7 million young adults who 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 officially reported unemployment rate for 18-29 year old African-Americans is 23.7 percent; 13.2 percent for Hispanics in the same age group; and for women it is 11.6 percent, all of these numbers being non-seasonally adjusted.
Generation Opportunity, a national, non-partisan organization advocating on behalf of economic opportunity for young people through less government, also called out Congress for failing to reach an agreement on student loan rates before taking this week’s vacation.