Trump celebrates as youth unemployment hits half-century low
President Trump on Friday celebrated summer youth unemployment reaching the lowest rate since 1966.
“Just announced, youth unemployment is at a 50 year low!” Trump tweeted Friday morning.
The Bureau of Labor statistics reported Thursday that the youth unemployment rate was 9.2 percent in July 2018. The number signified the lowest summer youth unemployment rate since 1966.
The youth labor force consists of 16 to 24-year-old who are seeking work. The youth workforce swells each summer as high school and college students seek summer jobs, and new college graduates pursue permanent employment.
But the labor-force participation rate stands at 60.6 percent, far below its peak of 77.5 percent in July 1989, the BLS added. This rate illustrates the share of 16 to 24 year olds who are working or looking and available for work.
For 16-to-19 year-olds in particular, participation is at a record low. Just 35 percent of that age group is looking for work or working—the lowest figure since record-keeping started in 1948.