While unemployment numbers among Millennials dropped 0.6 percent to 12.5 percent in February, the outlook is still grim for many young Americans, according to the latest jobs report released by the non-profit Generation Opportunity.
“After four years of debt-fueled government spending, far too many young people – nearly one in six – are still out of the game. This is unacceptable – my generation won’t put up with it for much longer,” stated Generation Opportunity President Evan Feinberg in a press release.
These numbers match the February jobs report released by the Department of Labor this morning, which saw the overall unemployment number drop down to 7.7 percent – its lowest level since December 2008. The U-6 rate, the Department of Labor’s broadest measure of calculated unemployment, also dropped 0.1 percent to 14.3 percent. These numbers are non-seasonally adjusted.
Some of the numbers for Millennials didn’t improve, however. Unemployment among young women rose 0.1 percent to 11.6 percent over the past 28 days, while an extra 1.7 million young Americans are still considered to be unemployed because they have given up looking for work due to the lack of available jobs in their chosen field. Unemployment with those 1.7 million Millennials factored in to the number remained steady at 16.2 percent.
According to Generation Opportunity, young Americans are extremely worried about the nation’s growing debt and believe that to be the biggest obstacle in lowering unemployment for Millennials in the near future.
“With one-sixth of all Millennials out of work, it’s never a good day to celebrate anything,” Generation Opportunity Communications Director David Pasch told Red Alert. “The numbers are still not good, and young people are screwed as the federal debt continues to increase. We’re basically being stuck with the check.”
While February’s report comes in advance of the sequestration cuts, which officially went into effect on March 1, Pasch doesn’t believe that the across-the-board cuts will have a major impact on youth unemployment for March.
“Depriving young people of economic opportunity is also a sequester – it’s requisitioning prosperity from my generation to pay for excessive government spending today. If the choice is between a government sequester or a youth sequester, young people should demand that we reduce government spending,” added Pasch.