August Jobs Report: Young Adult Actual Unemployment 16.7%

.

Click Here to read CDN’s Interview with Paul T. Conway – former Chief of Staff of the United States Department of Labor and Generation Opportunity President

en Español – Generación Oportunidad

Washington, DC – (9/7/12) – Generation Opportunity, the largest non-profit, non-partisan organization in the United States engaging and mobilizing young Americans on the important economic issues facing the nation, announced non-seasonally adjusted (NSA) 18-29 unemployment rate data for August 2012:

• The youth unemployment rate for 18-29 year olds specifically for August 2012 is 12.7 percent (NSA).

• The youth unemployment rate for 18-29 year old African-Americans for August 2012 is 22.4 percent (NSA); the youth unemployment rate for 18-29 year old Hispanics for August 2012 is 13.7 percent (NSA); and the youth unemployment rate for 18–29 year old women for August 2012 is 12.6 percent (NSA).

• The declining labor participation rate has created an additional 1.7 million young adults that are not counted as “unemployed” by the U.S. Department of Labor because they are not in the labor force, meaning that those young people have given up looking for work due to the lack of jobs.

• If the labor force participation rate were factored into the 18-29 youth unemployment calculation, the actual 18-29-unemployment rate would rise to 16.7 percent (NSA).

Generation Opportunity President Paul T. Conway, former Chief of Staff of the United States Department of Labor and former Chief of Staff of the United States Office of Personnel Management (OPM), issued the following statement in response to the August 2012 jobs numbers:

“This week, we heard a lot of claims about the impact the policies of this President and his administration have had on the lives of the American people, but nothing speaks louder than the number of Americans unable to find job opportunities, particularly young Americans. The monthly unemployment numbers are a solemn reminder of the millions of Americans facing each day with a growing sense of desperation and lost hope, through no fault of their own. While Washington is not short on rhetoric, it is short on results.

“Young Americans are left holding the bag, feeling the sharp impact of this President’s failed policies in both their daily lives and the loss of their ability to plan for the future. There is a subtle message coming out of the White House that the lack of economic opportunity is due to a lack of training, education, or initiative on the part of Americans, but we know that is not true.

“Young Americans stand ready and willing to serve. They are uniquely qualified to lead this nation and, indeed, the world in this century. However, the stubborn economic policies of this administration offer nothing but empty promises, lost hope, and ongoing high unemployment. There is nothing fair about denying opportunities to an entire generation of Americans, and young Americans are determined to make their voices heard in November to demand real change and expanded opportunities.”

Read about Generation Opportunity here; and visit “Being American by GO” on Facebook here

___

Related posts:

Generation Opportunity Soars Past 4 Million Fans on Facebook as Young Voters “Like” Small Government Jobs Report: Unemployment Up In July Nearly Twice as Many Young Adults Say They Would Rather Work on Wall Street Than Protest Against It August Jobs Report: Rate Falls, So Do Number Of People In Workforce