NEW YORK — Millennials are now the biggest segment of the population and are making a historic impact on America, according to a new report.
The Pew Research Center’s “Generation Y” report found that as millennials grow up, the share of adults age 25-34 who have jobs is increasing at a faster rate than the share with no jobs.
But that isn’t enough to offset the job loss that younger Americans are facing, the report said.
“Millennia-old joblessness is still a staggering number,” said Jason Blumberg, the center’s director.
“We’re in a situation where the jobs of our young people aren’t there and we are left to wonder what is going on in their lives.”
The report analyzed data from Gallup from 2016 and found that the millennial jobless rate has been increasing by 3 percentage points annually over the past five years, which the center says “is more than double the rate of any other age group.”
The report also found that “millennia” is the most commonly used age group in the report.
Millennial joblessness has grown at a rate of 1.2 percent per year over the same period, and the median age of people who are unemployed is 32.
Millennial unemployment is at a high point of 9.5 percent and is expected to remain high as the economy continues to grow, the Pew report said, noting that older Americans are “the hardest hit by the recession and unemployment.”
The Pew report comes as President Donald Trump has pushed Congress to pass legislation that would create new federal regulations on technology companies like Facebook and Google that are helping to create jobs and bolster wages for millennials.
Trump has argued that companies like these are creating jobs through outsourcing and have helped American workers in other industries.