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Feb 28

Millennials scored big in January jobs report – Business Insider

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January’s jobs report was out on Friday.

The US economy added 151,000 jobs in January while the unemployment rate fell to 4.9%, a fresh eight-year low.

And the big winners from the report? Millennials.

As first pointed out by Conor Sen at New River Investments, January was the second-best month ever for employment growth in the 25-to-34-year-old bracket.

From December 2015 to January 2016, a net 429,000 jobs were added in the 25-to-34 bracket.

The only time this number was higher was 16 years ago — in January 2000. Back then, 1.166 million jobs were added for the 25- to 34-year-olds at the height of the tech bubble.

Now there are differences of opinion about who actually qualifies as a millennial; Goldman Sachs previously defined the generation as those between 15 and 35 while the Pew Research Center defines millennials as those 18 to 34.

However you define millennials, the current young professional generation is far larger than older groups, and even if you want to call millennials “snake people,” they are the future of the US economy.

During the economy’s lukewarm post-financial-crisis recovery, millennials have often seemed to get the short end of the stick in the jobs department.

And so it’s an encouraging sign to see a huge spike in jobs gains among younger workers.

25-to-34-year-olds-jobs-growth-arrow

Source: Millennials scored big in January jobs report – Business Insider

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