Gen Y: No jobs, lots of loans, grim future http://www.msnbc.msn.com/id/38364681/ns/business-economy_at_a_crossroads/
They are perhaps the best-educated generation ever, but they can't find jobs. Many face staggering college loans and have moved back in with their parents. Even worse, their difficulty in getting careers launched could set them back financially for years. The Millennials, broadly defined as those born in the 1980s and '90s, are the first generation of American workers since World War II who have cloudier prospects than the generations that preceded them. Certainly the recession has hurt young workers badly. While the overall unemployment rate was 9.5 percent in June, it was 15.3 percent for those aged 20 to 24, compared with 7.8 percent for ages 35-44, 7.5 percent for ages 45-54 and 6.9 percent for those 55 and older. Among 18-to 29-year-olds, unemployment is the highest it's been in more than three decades, according to a recent report <http://pewsocialtrends.org/assets/pdf/millennials-confident-connected-open- to-change.pdf> from Pew Research Center. The report also found that Millennials, also known as Generation Y, are less likely to be employed than Gen Xers or baby boomers were at the same age. Millennials are generally well-educated, but they have have been cast as everything from tech savants who will work cheap to entitled narcissists. The recession has pitted these younger workers against baby boomers trying to save for retirement and Gen Xers with homes and families.
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