Though the number of unemployed youth has inched down to below prerecession rates, many other indicators suggest that the employment situation for American youth is not so rosy. Though they’re the most educated compared with previous generations, 1 in 5 American adults ages 18 through 34 has student loan debt.
For the first time in nearly two decades, the unemployment rate dipped under 4 percent, with the unemployment rate for 18- to 24-year-olds falling to 8.4 percent.
This major milestone marks a strong jobs report which shows 164,000 jobs being added to the economy in the month of April. These numbers, however, do not translate to strong increases in wages for workers, with the report showing a 2.6 percent year-over-year increase.
Republicans in Congress continue to campaign on their landmark tax legislation that holds a historically low approval rating. Some of the legislators that drafted and voted for the bill have backtracked on the bold claims made last year that the legislation would not be a big giveaway to corporations, but would instead result in increased wages. While the full effects of the legislation have yet to materialize, we do know that the tax legislation—like Sen. Rubio said—made corporations happy, with no evidence that their savings were passed down to American workers.
The youth unemployment rate for Americans 18 to 26 has dropped steadily for the last three months and now sits at 8.4 percent. When segmented by race, we see drops in every group. The white youth unemployment rate decreased from 7 percent to 6.7 percent, the black rate decreased from 13.3 percent to 12.7 percent, the Latino rate decreased from 9.3 to 7.9 percent, and the Asian rate, which is volatile due to the small sample size, decreased from 8.3 to 5.5 percent. At this point last year the black youth unemployment rate was 1.2 percent higher. This number experienced the largest decrease, while the Latino youth unemployment rate increased by 0.1 percent since April 2017. While President Trump holds rallies across the country touting the decrease in the black unemployment rate, the numbers show that young black people experience...
State of Our Union
The Millennial generation, now the largest generation in America, diverges from preceding generations in important ways. First and foremost, today’s young people are more diverse than any previous generation, with the number of foreign-born 18- to 36-year-olds mirroring trends not seen since the last big immigration boom, at the beginning of the twentieth century, with more racial and ethnic diversity than ever before.
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