Washington, D.C. — Center for American Progress Economist Michael Madowitz released the following statement today on the September 2018 employment situation figures from the U.S. Bureau of Labor Statistics (BLS). BLS reported the economy added 134,000 jobs in September, with the unemployment rate falling to 3.7 percent.
Nominal wages grew 2.8 percent over the past year, barely keeping pace with rising prices, while the challenges facing younger workers continue to mount. While real wage growth remains elusive for all workers, millennial workers—many well into their careers—have still never experienced robust wage growth directly. Another rate hike from the Fed last month will raise student loan payments for some millennials and put homeownership further out of reach for many more.
Maggie Thompson, executive director of Generation Progress—CAP’s youth engagement arm—added:
This jobs day we see yet again that the promise of the American dream has been broken for the Millennial generation. Millennials went to college and took on debt, and while they’re now more able to find jobs, wages have not risen at a rate sufficient to give them economic stability. For too many, incomes are not enough to pay off crushing student loans.
Related resource: “The State of Youth in the U.S. Labor Market: Pre-September 2018 Jobs Day Release” by Daniella Zessoules, Nicholas Eckart, Galen Hendricks, and Michael Madowitz
For more information or to speak with an expert, contact Allison Preiss at [email protected] or 202.478.6331.