The unemployment rate for 18-29 year olds in the U.S. increased by 0.5 percent to 11.6 percent in May, according to Generation Opportunity, a non-partisan organization that advocates for economic freedom for young people.
Another 1.7 million Millennials completely gave up looking for a job last month as well – a figure that the Bureau of Labor Statistics doesn’t account for when it releases its monthly national unemployment numbers. The BLS reported earlier Friday that the national unemployment number rose 0.1 percent in May to 7.6 percent.
“It’s more terrible news, which feels like it’s the new normal for young people in America,” Evan Feinberg, the president of Generation Opportunity, told Red Alert Politics. “Two million students have just graduated and have no better than a 50/50 bet in finding a job that they are qualified for, despite having a college education.”
Feinberg added that it’s not just important to remember that one in six Millennials aren’t working, but also that there are many more working at jobs for which they are overqualified.
And like the majority of Americans who believe it will be hard for young people to find summer jobs this year, Feinberg doesn’t see the situation improving any time soon for Millennials if the government continues to control unemployment, student loans, healthcare and other issues important to them.
The government promises “greater jobs, better healthcare and affordable higher education and they’re trying to offer these things by increasing the role of government, but when they do that, we get the opposite,” he told RAP. “That’s why student loans are sky high, that’s why unemployment is too high, and as Obamacare is implemented we will be in worse shape as we face higher health care bills and fewer jobs as businesses will be unable to hire.”