One chart shows just how badly young adults are getting slammed by the coronavirus recession
- Gen Z and millennials are faring the worst in the
- Their unemployment rates stand at 18.5% and 11.5% as of July, respectively, per St. Louis Fed data.
- That's higher than the 10% unemployment rate in 2009 at the peak of the Great Recession.
Young adults are getting slammed by the coronavirus recession.
More than half (52%) of Americans under age 45 said they lost jobs, lost hours, or were put on leave in May, a report by Data for Progress found. And 60% of those ages 18 to 34 said their household
In April, Gen Z, defined as those ages 16 to 24, was hit hardest with an unemployment rate of nearly 27%. Silent Gen, the post-65 age group, was next in line with a 15.6% unemployment rate. The group of Silents still in the labor force is significantly smaller than that of other generations, which is one reason this was so high, although ageism might be keeping them out of work in a depressed job market.Millennials, those ages 25 to 34 in the data, weren't far behind, seeing a 14.3% unemployment rate.
Fast forward to July, and all generations have experienced declining unemployment rates, but the youngest two are still faring badly: Gen Z has an 18.5% unemployment rate and millennials an 11.5% unemployment rate, although the steady decline for the latter appears to be slowing down.For comparison, both of these unemployment rates are still higher than the 10% unemployment rate in 2009 at the peak of the Great Recession. All older generations, per the chart, currently have unemployment rates below this level. It's worth noting that recessions typically hit young adults hardest in the short term. But millennial history with the Great Recession could signal bad news for both of these generations.
Millennials have been dealing with a nationwide affordability crisis since the Great Recession ended, balancing increasing living costs and massive student-loan debt with stagnating wages. That means they're already financially behind as they stare down their second recession before their oldest members hit 40.
And their history could serve as a forewarning of what's to come for Gen Z, who is graduating into an even more dismal job market than millennials did.
- Check out the top 10 batsmen with the highest strike rate in all IPL matches
- Petrol pumps closed in Rajasthan as dealers demand rollback of VAT on fuel
- Google blocks terms associated with hate speech from being used as ad keywords on YouTube
- Mountains, rivers, trout and toddy — Manali offers you all these and more
- E-commerce and digitisation to accelerate India's auto sector growth, says report