It yet another “encouraging” report, it has been revealed that roughly 30 percent of all millennial men are unemployed. That’s right, 30 percent of men between the ages of 18 and 33 have no job to call their own.
It is no surprise for any astute observer of the American economy that the American job market has taken its precious time eking its way back from its massive downturn roughly seven years ago. (In all actuality one need not be astute in order to make such an observation). While many politicians and social commentators assure the restless American public that jobs are on the rise and everything is rosy, statistics may suggest otherwise.
According to Moneytips, a study conducted by the Pew Research Center shows that roughly 30 percent of all millennial men in America are currently unemployed. While the definition of a “millennial” is sometimes seen as a moving target, it is generally accepted that anyone who is between the ages of 18 to 33 may accurately be dubbed a “millennial.” Traditionally, the ages of 18 to 33 are considered the prime working ages. People in that age range are youthful, energetic, and ready to learn. Despite millennials currently occupying the prime working age residency, millennials are having a hard time actually finding work.
While it certainly may be speculated that the woefully pessimistic statistic of 30 percent unemployment has more to do with the laziness or sense of entitlement supposedly felt by many millennials, it may be an unfair apportionment of blame.
Moneytips highlights a number of key points of data in the Pew Research Center’s report when it comes to joblessness throughout the American generations.
“According to a study recently released by the Pew Research Center, 30% of Millennial men between the ages of 18 and 33 have no job. Approximately 8% are unemployed and 22% are not engaged in the workforce at all. Those are staggering numbers compared to previous generations at the same point in their lives. Men from those generations maintained an almost constant 20% jobless rate. Generation X men (born from 1965 to 1980), Baby Boomer men (born from 1946 to 1964) and men of the Silent Generation (born from 1928 to 1945) all had a 78% employment rate between the ages 18 and 33, while Millennial men dropped to a 68% employment rate.”
While at first, the above summarization might seem to perfectly support many a millennial critic’s argument of laziness and entitlement, it is worth bearing in mind the economic environment each of the previous American generations were handed.
- The Silent Generation (1928-1945) had the benefit of 1) a decreased population/workforce due to the casualties of both World War I and World War II as well as 2) the build up of what President Eisenhower deemed the “military-industrial complex.”
- The Baby Boomer Generation (1946-1964) also had the benefit of the “military-industrial complex” as well as the massive uptick in America’s global economic dominance resulting from U.S. victories in both the previous World Wars.
- Generation X (1965-1980) did go through the economic downturn of the 1970’s during the Carter administration. However, the huge economic boom of the 1980’s resulting from business friendly tax models and the end of the Cold War greatly made up for the prior short-lived recession.
So what have the millennials been handed? Well, there was 1) the shift toward fear and withdraw in the global socio-economic arena as a result of 9/11; 2) the second largest depression in U.S. history brought on by the over-speculation of previous generations; 3) two highly contested and costly wars; 4) the outpacing by developing countries of all forms of U.S. manufacturing as a result of globalization; and (but not necessarily finally) 5) a rise in demand for higher education outpaced only by the rise in educational costs.
So the question may now be posed, is the recent report of 30 percent unemployment rate among millennial men a product of the millennials themselves? Or is the 30 percent unemployment rate a product of the economic stage the millennial men have been handed?
[Image credit to Canadian Business]