|As of July 2016, the unemployment rate had dropped to 4.9%, according to the Bureau of Labor Statistics. This is the lowest rate since 2008, which caused Congress to enact the Recovery Act in 2009. The job growth in government appointed jobs declined in 2010, but through private employers have created 15.1 million jobs in the matter of 78 months since February 2010, which is an average of 194,000 jobs a month. Combining both government and private jobs has averaged 191,000 over a month period. But this hasn’t benefited every demographic in the United States.
According to the CIA statistics, the 2008 recession in the United States had caused the onset of global unemployment rates around the globe. Global unemployment climbed about 2 percentage points in 2011 reaching to 9.1%. The United States had reached to 9.3% and was ranked 103 globally for unemployment.
Unfortunately millennials, the largest generation in the U.S. representing one-third of the total U.S. population is the demographic in America who still continue to struggle from unemployment and underemployment at exceptionally alarming rates. According to the Bureau of Labor Statistics, the unemployment rate was 16.1% for people between the ages of 16 and 24.
4.6 million young people are out of work in the United States and those millennials who are employed are making less than $25,000 a year. This salary has become much more common within the last 25 years in the United States for millennials who are employed.
With the rates in unemployment, underpayment, and overqualified employment climbing higher it is uncertain when this trend will change for millennials in the United States. This has left many young Americans feeling discouraged with our government along with feelings of
In the 15 Economic Facts About Millennials, which was provided by The Council of Economic Advisers predicted that millennials will be feeling the effects of starting their careers during a historic downturn for years to come.