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:
- 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).