According to the most recent numbers from the Labor Department, the unemployment rate for millennials ages 16-24 fell to 11.5% in July, the lowest rate since the 10.8% measured in 2007. Wall Street Journal staffer Eric Morath takes a look at how millennials are breaking this longstanding trend of being jobless during the summer.
Youth employment was aided by the fact that 2.6 million people between 16 and 24 entered the job market between April and July, with 1.9 million of these people finding jobs. This group managed to hold steady their labor force participation rate which could have further benefits:
Labor-force participation among young people held essentially steady from last summer at 60.1%. Stable participation among youth could help ease a long-running downshift in the share of Americans seeking employment.