Age group demographics show millennials have the highest unemployment rates now.

Millennials Hard Hit Twice

Millennials were hit hard in the Covid recession and the Great Recession as well.

Generations Defined

The above chart from Think Tank - Defining Generations

  • In 2019 Millennials were ages 23-38
  • In 2009 in the Great Recession they were 13-28
  • The corresponding BLS age groups during the great recession were 20-24 and part of 25-34.
  • The corresponding BLS age groups now are 25-34 and a part of 35-44.

Unemployment Rate by Age Group 2007-2020

In 2008-2011 the oldest millennials were fresh out of college seeking employment in the worst jobs market since the Great Depression.

They are now 10 years older. The youngest millennials are now fresh out of college in the midst of a Pandemic shutdown.

But even the older millennials are faring poorly.

The worst two groups in terms of unemployment are age groups 20-24 and 25-34. 

Millennials, the Screwed Generation

In April of 2018, I noted Millennials, the Screwed Generation, Blame Boomers For Making Their Lives Worse.

51% of millennials claim boomers make their lives worse. Only 13% of millennials say boomers make their lives better.

Screwed Generation

  1. Consider Obamacare. It was purposely designed to make millennials overpay for healthcare. Millennials subsidize boomers who are better off financially.
  2. When I went to the university of Illinois, tuition was $250 a semester. One realistically could have worked summer and part-time jobs to pay for an education. Now kids are graduating from college with mountains of debt and no way to pay it back.
  3. Social security is projected to be bankrupt by the time millennials can collect. Benefits must drop.
  4. A pension crisis looms. The boomer solution has been to kick the can down the road, always raising taxes. Those tax hikes go nearly 100% to pension funding. What do millennials get out of it? Nothing!
  5. Millennials are likely to be the first US generation in history that is no better off than their parents, if not worse.

Payback

Within a decade Millennials will be running the country and they may not exactly be sympathetic to the pension plight of boomers.

 

This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

AUD/USD: Corrective advance intact while above 0.7065

AUD/USD stalls its corrective bounce just shy of the 0.71 barrier, as the bulls take a breather before the next push higher. The spot is holding above the critical support at 0.7065 amid the upbeat market mood-driven reduced haven demand for the US dollar. 

AUD/USD News

USD/JPY finally about to make the U-turn to 103s?

USD/JPY is under pressure as the US dollar is broadly sold off across the board. DXY has been telegraphing a downside correction for a number of days. Meanwhile, there has been a couple of domestic releases for the yen with the Bank of Japan Summary of Opinions.

USD/JPY News

Gold looks north, two key levels to watch out

Gold started out the US NFP week on a solid footing, rallying nearly $20 on Monday. The metal bounced-off the SMA100 one-day support for the third straight day, courtesy of the broad retreat in the USD from two-month peaks.

Gold News

GBP crosses catching a bid in Asia on Brexit hopes

There have been a series of news relating to Brexit and monetary policy to start the week which has been underpinning the pound. The latest news, reported by the Times, states that the ''European negotiators have indicated for ...

Read more

WTI slips below $40.50 amid US dollar recovery, API data eyed

WTI refreshed the intraday low after reversing from $40.79. US dollar regains upside momentum amid hopes of further stimulus. Challenges to the US-China trade deal add downside pressure on oil prices. API data, USD moves become the key amid a light calendar.

Oil News

Forex Majors

Cryptocurrencies

Signatures