Millennial Men Failing To Find Jobs Amid Hottest Market In Decades
Millennial men - those aged between 25 and 34, are seriously lagging when it comes to participating in the hottest jobs market in decades - with unemployment the lowest its been since 1969, according to Bloomberg.
25-year-old unemployed millennial, Nathan Butcher
Ten years after the Great Recession, 25- to 34-year-old men are lagging in the workforce more than any other age and gender demographic. About 500,000 more would be punching the clock today had their employment rate returned to pre-downturn levels. Many, like Butcher, say they’re in training. Others report disability. All are missing out on a hot labor market and crucial years on the job, ones traditionally filled with the promotions and raises that build the foundation for a career.
Men -- long America’s economically privileged gender -- have been dogged in recent decades by high incarceration and swollen disability rates. They hemorrhaged high-paying jobs after technology and globalization hit manufacturing and mining. -Bloomberg
Perhaps they're just waiting for all those jobs they were promised to make the first move?
"At some point, you can have a bit of an effect of a lost generation," says University of Zurich economist, David Dorn. "If you get to the point where you’re turning 30, you’ve never held a real job and you don’t have a college education, then it is very hard to recover at that point."
As former Trump strategist Steve Bannon said in September (and more recently in a debate with David Frum):
"Millennials, please understand one thing. You’re better fed, better educated, in better shape, you’re more culturally aware than 19th-century Russian serfs, but you are nothing but serfs."
"You don’t own anything and you’re not going to own anything," he continued. "You are just going to be on the continual wheel of the gig economy, two paychecks away from financial ruin."
Many millennials left high school a decade ago to a world of outsourced manufacturing and middle-skill job opportunities - and then the great recession hit. When unemployment spiked during the 2007 - 2009 downturn, 25-34-year-old men fell behind their older counterparts.
Though employment rates have been climbing back from the abyss, young men never caught up again. Millennial males remain less likely to hold down a job than the generation before them, even as women their age work at higher rates. -Bloomberg