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2 Jun, 2012

Careers & Dreams Delayed as 12% of US Young Adults Remain Jobless


WASHINGTON, June 01, 2012, (BUSINESS WIRE)–Generation Opportunity, one of America’s largest organizations connecting with young adults through a strategy of social media outreach coupled with on-the-ground grassroots organizing, is today releasing the non-seasonally adjusted (NSA) 18-29 unemployment rate data for May:

  • The youth unemployment rate for 18-29 year olds specifically (NSA) for May 2012 is 12.1 percent.
  • The declining labor participation rate has created an additional 1.7 million young adults that are not counted as “unemployed” by 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 overall 18-29 youth unemployment calculation, the actual 18-29-unemployment rate would rise to 16.9 percent (NSA).

Generation Opportunity President Paul T. Conway, former Chief of Staff of the United States Department of Labor, where the Bureau of Labor Statistics (BLS) is housed, and the former Chief of Staff of the United States Office of Personnel Management (OPM) responds to the May 2012 jobs numbers:

“The young adult unemployment rate, now at 12.1 percent for those 18-29 years old, represents yet another chapter in the indefensible saga of how a great generation is being denied economic opportunity, jobs, critical skills, and the ability to pursue their dreams.

“As summer begins, the ranks of all those frustrated by the lack of opportunities are joined by recent high school and college graduates whose enthusiasm to join the work force has been slammed by the same harsh economic status quo their brothers and sisters have been experiencing for the past few years – one marked by record high unemployment, a patchwork of part-time jobs, or jobs outside their chosen profession.

“Through no fault of their own, an increasing number of young Americans have begun to lose hope and have dropped out of the workforce entirely, disillusioned by the lack of jobs and dismayed at a White House that attacks America’s job creators and employers, while simultaneously putting Americans and their futures into deeper debt.

“Today, we are calling on young Americans across the nation – all those who are unemployed, those who are working multiple part-time jobs, and those concerned about friends and family members who are themselves in this situation – to call the White House in the coming days and tell President Obama the time is now for real change. America can do better.”