Young Adults Up to Age 34 Were the Hardest Hit in Friday’s Unemployment Report

by Mike Shedlock

Age group 25-35 was very hard hit in Friday’s job report. Overall unemployment rose 0.2 percentage points. For age group 25-34 unemployment jumped by 0.4 PP.

June to July Rise in Unemployment in Percentage Points (PP)

• 16-19: +0.3 PP from 12.1% to 12.4%
• 20-24: +0.2 PP from 7.5% to 7.7%
• 25-34: +0.4 PP from 4.4% to 4.8%
• 35-44: -0.1 PP from 3.3% to 3.2%
• 45-54: +0.2 PP from 2.7% to 2.9%
• 55+: +0.3 PP from 2.8% to 3.1%
• All: +0.2PP from 4.1% to 4.3%

The unemployment rate generally bottomed in April of 2023. So let’s investigate changes since then.

Change in Unemployment by Age Group

Change in the Unemployment Rate Since April 2023

• 16-19: +3.1 PP from 9.3% to 12.4%
• 20-24: +2.3 PP from 5.4% to 7.7%
• 25-34: +1.0 PP from 3.8% to 4.8%
• 35-44: +0.3 PP from 2.9% to 3.2%
• 45-54: +0.5 PP from 2.4% to 2.9%
• 55+: +0.7 PP from 2.4% to 3.1%
• All: +0.9 PP from 3.4% to 4.3%
• Black: +1.5 PP from 4.8% to 6.3%
• White: +0.7 PP from 3.1% to 3.8%
• Hispanic: +0.9 PP from 4.4% to 5.3%