It’s no secret that the job market is looking less-than-stellar for us Millennials. I’ve been warned about this ever since I can remember, but I’ve never really had a grasp for how bad it ACTUALLY is. A new study by an activist grouped called Young Invincibles?puts this warning into perspective. Here are the key points?of what they’ve found.
- Younger Millennials (18 to 24 year-olds) predominantly work in service industries: leisure and hospitality or retail and wholesale.
- Median wages have declined or remained unchanged in the last decade in four out of the top five industry sectors employing 18 to 24 year-olds.
- Older Millennials (25 to 35 year-olds) work in a diverse set of jobs, largely driven by geography.
- Manufacturing is a surprisingly popular sector for Millennial workers. It is the largest sector in nine states, and the median wage in this sector has nearly recovered from the recession.
So, where does this leave the average graduate?
Probably working at a large retail chain with a lower-than-average wage.
What/who can we blame for this?
Young Invincibles takes a guess and says it’s because right now, more young adults are going to college than ever. With over 40 percent of them enrolled in colleges all over the US, these are record-breaking levels. They go on to say that the amount of us who head straight into to work force rivals this, however they’ll more likely work in jobs that require less skill and do not require much training or a postsecondary degree. This map shows us different states and where their Millennials work.
This represents the first jobs of nearly 70 percent of Millennials, and due to wage cuts, they saw a pay cut of nearly 2,000 dollars per year versus what they would’ve gotten a decade ago.
That all may/may not have been a surprise to you, BUT there is some good news for us. Young Invincibles went on to say that ?health care is the only sector out of the top five most popular sectors to pay Millennials a higher median wage than 10 years ago ? $30,000 per year for older Millennials. It is already the most popular sector for older Millennials in 16 states, and is expected to continue growing.?
So, if you’re interested in healthcare, things are looking good for you.
These charts help show what all they’re trying to say.
This is definitely a lot to take on, and for us Millennials, a lot to get used to. But keep in mind that in less than 10 years, we’ll dominate the work force. We’re the largest, most technologically advanced, and most educated generation to date, and that gives us a MASSIVE advantage. Things will soon begin to look up, and when they do, we’ll be unstoppable.
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