NEW YORK (TheStreet) -- Young professionals between the ages of 16 and 24 are making 11% less than their counterparts in 1980, according to a study from Pew Research Center that was released earlier today. 

The median earnings for this age group were $25,000 in 2015, compared to $28,131 in 1980. 

In addition, the average length of the workweek has increased to 38.7 hours in 2015 from 38.1 hours in 1980, the study showed. 

On the opposite end, wages have actually risen by 37% for workers 65 and older during the same time period, the study found. 

Deutsche Bank Chief U.S. Economist Joe LaVorgna joined CNBC's "Power Lunch" on Thursday afternoon to discuss Pew Research Center's findings. 

One reason why millennials, as well as the general population, aren't seeing an increase in earnings now is because of low productivity levels, LaVorgna said. 

"They don't have the productivity to justify those wage gains," he explained.