New studies on Americans younger than 30 show that as they graduate from college with massive debts, many millennials are in for rough economic times ahead.
A new Harvard Institute of Politics report indicates that just 62 percent of millennials (Americans ages 18 to 29) have jobs; of those who are working, half are employed only on a part-time basis. According to study, the dreary youth employment numbers are most closely tied to a poor economy, as more than half (59 percent) of millennials are college-educated.
Numbers from the Harvard study are backed up by statistics from the Department of Labor which showed millennial unemployment at about 13.1 percent last month.
Some other interesting facts about America’s younger generation from the Harvard study:
- Millennials make up a national voting bloc of 21.3 percent of eligible voters.
- 59.2 percent are white; 19.9 percent are Hispanic; 13.5 percent are black; 5.1 percent are Asian; .7 percent are Native American; and 1.5 percent are multiracial or “other.”
- 27.3 percent have immigrant backgrounds.
- Fewer than 20 percent of 18- to 24-year-olds are married, and only slightly more than 40 percent of 25- to 29-year-olds are.