The U.S. economy added 169,000 jobs in August, sending the unemployment rate down to 7.3% from 7.4%, according to Friday's newest jobs report. In today's economic climate, even an incremental decrease can be cause for celebration. But there's little indication of relief for millennials, who are facing unprecedented challenges as they march towards a exceedingly tough job market this Fall. What's more, the timing of these disappointing figures for young people will only strengthen criticism against Obamacare as the president pushes for millennials to opt into the program.
According a Millennial Jobs Report published through Generation Opportunity, a national youth advocacy organization advocating for economic opportunity through "less government and more freedom," 16% of 18-29 year olds can't find work. This is a figure of the "effective rate," that adjusts for work force participation by including those who have given up on the job search.
Without these adjustments, Generation Opportunity claims 1.7 million young adults who have given up on finding work are not counted by the Department of Labor in monthly employment figures. Including these young unemployed Americans would, of course, drive August's rate up.