The jobs report on Friday crushed expectations.
The US economy added 321,000 jobs in November, beating Wall Street’s expectations for gains of 230,000.
With Friday’s jobs report, the US economy has now added more than 200,000 in 10-straight months, the longest streak since 1995. And overall, the labour market is having its best year since 2000.
And the big winners are everyone’s favourite generation to rag on: millennials.
In the last year, the unemployment rate for workers between the ages of 25 and 34 has fallen sharply, to 7.4% from 6.1%. The number of unemployed persons in this age group has fallen from 2.51 million a year ago to 2.08 million in November 2014.
And while some might quibble over who exactly is a millennial — is it people under 30? under 35? under 25? — there is no doubt that the current generation of “young professionals,” almost no matter how you choose to define that category, is far larger than their Gen X parents.
The US economy is still working to repair itself even six years after the height of the financial crisis, and there are a number of economic data points that bulls can point to indicating the strength of the US economy.
But the future of the economy is young workers, and so it is perhaps as encouraging as anything to see job gains accelerate among the youngest cohort of workers.
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