US job gains are bypassing many 25-to-34 year-olds

WASHINGTON— U.S. employers have gone on a hiring spree this year, but America’s 25- to-34-year-olds are hardly among the biggest beneficiaries.

These workers— increasing equipped with college and advance degrees— represent the future of the U.S. economy. But overall hiring has failed to keep pace with this group’s population growth, according to the government’s July employment report released Friday.

The share of 25-to-34-year-olds with jobs fell to 75.6 in July, down from 76 percent in February. Before the recession, roughly 80 percent of them were employed. That puts the drop in their unemployment rate to 6.6 percent from 6.9 percent at the start of this year in a less positive light.

This is the cluster of workers who should be renting apartments and buying homes and driving economic growth. But without enough jobs, they’re more likely to live in their parents’ basements.

“Young-adult employment is less than halfway back to normal,” said Jed Kolko, chief economist at the real estate firm Trulia.

The overall unemployment rate ticked up to 6.2 percent in July from 6.1 percent.

During the six straight months that have topped 200,000 job gains, more people have looked for work. In July, an additional 329,000 began looking, yet only 131,000 jobs were added, according to the Labor Department’s survey of households.

The results of this survey determine the unemployment rate. With more people looking for work, the unemployment rate rose because the government counts people without jobs as unemployed only if they’re actively seeking work.

A separate survey of businesses and establishments calculated a seasonally adjusted net job gain last month of 209,000.

A consequence of the influx of job-seekers last month is that the unemployment rate rose for women, African-Americans, high school graduates and people with some college experience. But the overall trend for the past 12 months is clear: The unemployment rate is steadily dropping for almost everyone.

Unemployment rate by group:

(Numbers in percentages)July2014June2014July2013

White5.35.36.6

Black11.410.712.6

Asian4.55.15.7

Adult men5.75.77

Adult women5.75.36.4

Teenagers20.22123.4

20-24 years old11.310.512.5

25-54 years old5.25.16.4

55 and over4.54.45

Veterans of Iraq/Afghanistan9.277.7

No high school diploma9.69.110.9

High school graduate6.15.87.6

Some college5.356

College graduate3.13.33.8

Duration of Unemployment:32.433.536.7

Average length (weeks)32.433.536.7

Jobless 6 months of more (pct.)32.932.837.2

Not seasonally adjusted

Source: Labor Department

More in Herald Business Journal

Amazon leases a southwest Everett warehouse for deliveries

The Seaway Center building is not as big as one of the company’s more typical fulfillment centers.

Health-care consumers need to take the lead, so get smart

David Russian, CEO of Western Washington Medical Group, writes our third essay about fixing health care.

Amazon says it received 238 proposals for 2nd headquarters

Thecompany says it will announce a decision sometime next year.

JCPenney partners with EvCC, WSU to assist students

Earlier this month, JCPenney partnered with the Career Service Centers at Everett… Continue reading

Re/Max Elite adds two agents in Lynnwood

Jenelle Dent and Lori DaSilva have joined Re/Max Elite as agents at… Continue reading

Register for Marysville Tulalip Business Before Hours event

The Greater Marysville Tulalip Chamber of Commerce holds its next Business Before… Continue reading

Wells Fargo donates $2,500 to Edmonds Center for the Arts

Edmonds Center for the Arts has received a grant of $2,500 from… Continue reading

More business, more competition for Everett kidney dialysis center

Nonprofit Puget Sound Kidney Centers sees large for-profit competitors enter state market.

Molina Medical holds fall carnival for families in Everett

Molina Medical is hosting a free event for families in the Everett… Continue reading

Most Read