Monday, October 7, 2013

Millennials Face Uphill Climb

A study from the Georgetown University Center on Education and the Workforce examined three decades of census data—from 1980 to 2012—found that on average, young workers are now 30 years old when they first earn a median-wage income of about $42,000, a marker of financial independence, up from 26 years old in 1980.

About a third of adults in their early 20s work full time, a proportion that rises to about half of adults in their late 20s. The labor-force participation rate for young people last year declined to its lowest point in about 40 years, according to the report.

Between 2000 and 2012, the employment rate for people ages 21 to 25 dropped from 84% to 72% overall, with some demographics taking a bigger hit. Young men experienced a steeper decline, from 80% to 65%.

What's going on is that as a result of ever expanding government regulations it becomes risky for firms to take on new hires. At the same time it is much more difficult for new firms to launch, which tend to be are often play a major role in hiring individuals that are entering the job market for the first time.

1 comment:

  1. Well, look at the bright side. At least when they tell their grand kids it was up hill "both ways" they will be telling the truth...