January’s jobs report was out on Friday.
The US economy added 151,000 jobs in January while the unemployment rate fell to 4.9%, a fresh 8-year low.
And the big winners from the report? Millennials.
As first pointed out by Conor Sen at New River Investments, January was the second best month ever for employment growth in the 25-34 year old age bracket.
From December 2015 to January 2016, a net 429,000 jobs were added in the 25-34 year old age bracket.
The only time this number was higher was sixteen years ago — back in January 2000. Back then, 1.166 million jobs were added for the 25-34 year olds at the height of the tech bubble.
Now, there are differences of opinion about who actually qualifies as a millennial — Goldman Sachs previously defined the generation as those between 15 and 35 years of age while the Pew Research Center defines millennials as 18 to 34 year olds.
But however you define millennials, the current young professional generation is far larger than older groups and even if you want to call millennials “snake people,” they are the future of the US economy.
During the economy’s lukewarm post-financial crisis recovery, millennials have often seemed to get the short end of the stick in the job department.
And so it’s an encouraging sign to see a huge spike in jobs gains among younger workers.
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