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

Published on NewsOK Modified: August 1, 2014 at 2:16 pm •  Published: August 1, 2014
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WASHINGTON (AP) — 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.

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