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12 Percent Young Adult Unemployment Impacts 2012 Election





Former U.S. Department of Labor Chief of Staff Says High Millennial Unemployment Eroding Support for President Obama

WASHINGTON, Nov. 2, 2012 /PRNewswire-USNewswire/ -- Generation Opportunity, the largest non-profit, non-partisan organization in the United States engaging and mobilizing young Americans on the important economic issues facing the nation, announced non-seasonally adjusted (NSA) 18-29 youth unemployment rate data for October 2012 as the Presidential election nears:

(Photo:  http://photos.prnewswire.com/prnh/20121102/DC05415-INFO)

(Logo: http://photos.prnewswire.com/prnh/20110805/DC48058LOGO)

  • The youth unemployment rate for 18-29 year olds specifically for October 2012 is 12.0 percent (NSA).
  • The youth unemployment rate for 18-29 year old  African-Americans for October 2012 is 21.4 percent (NSA); the youth unemployment rate for 18-29 year old  Hispanics for October 2012 is 13.4 percent (NSA); and the youth unemployment rate for 18–29 year old  Women for October 2012 is 11.8 percent (NSA).
  • The declining labor force participation rate has created an additional 1.7 million young adults that 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.
  • If the labor force participation rate were factored into the 18-29 youth unemployment calculation, the actual 18-29-unemployment rate  would rise to 16.5 percent (NSA).

Generation Opportunity President Paul T. Conway, former Chief of Staff of the United States Department of Labor under Secretary Elaine L. Chao and former Chief of Staff of the United States Office of Personnel Management, issued the following statement in response to the October 2012 jobs numbers:

"The unemployment numbers released today confirm yet again what young adults have been experiencing in their daily lives and what they have been watching their friends and families go through for the past few years – high unemployment and an unrelenting lack of opportunity to build a future. They are not satisfied with the status quo and know that in order to get this country back on track and to build a path to realize their dreams for the future, the time is now for change. Under President Obama, young Americans have endured historically high, sustained unemployment and underemployment.

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