U.S. employers added 155,000 jobs in December and the unemployment rate held steady at 7.8%.
However, the jobs outlook for young people especially young black teens is bleak.
According to Generation Opportunity, which charts unemployment for Millennials aged 18-29, the general jobless rate for teens is 11.5 percent and a shocking 22.1 percent for younger black Americans.
According to a Generation Opportunity analysis, the unemployment rate for 18-29 year old African-Americans for December 2012 is 22.1 percent (non-seasonally adjusted — NSA); the unemployment rate for 18-29 year old Hispanics for December 2012 is 12.2 percent (NSA); and the unemployment rate for 18-29 year old women for December 2012 is 10.4 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 you factor in those young people who have simply given up looking for work, the
jobless rate for teens would jump from 11.5 percent to 16.3%.
“Our leaders in Washington can continue to make it seem like things are getting better, but the fact remains that way too many young people are scraping by, falling further behind on their student loan payments, still living at home with their Mom and Dad, sending out hundreds of resumes, and filling out numerous job applications, all with little or no result,” said Generation Opportunity’s Terence Grado in a statement. “While seasonal hiring for the holidays has given some Millennials a job, these temporary positions are far from ideal as young people look to get into the game and get started in life.”