Unemployment rate for 18-29 year-olds was 12.7 percent in August

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The young adult unemployment rate for 18-29 year olds was 12.7 percent in August, according to Generation Opportunity, a nonprofit, non-partisan organization that’s trying to mobilize young Americans on economic issues.

The Washington, D.C.-based group said the non-seasonally adjusted rates were even higher for African-American young adults, at 22.4 percent, and Hispanics, 13.7 percent. 
The national unemployment rate was 8.1 percent in August.

Generation Opportunity President Paul T. Conway, former Chief of Staff of the U.S. Department of Labor and former Chief of Staff of the U.S. Office of Personnel Management, said in a statement that “The monthly unemployment numbers are a solemn reminder of the millions of Americans facing each day with a growing sense of desperation and lost hope, through no fault of their own. While Washington is not short on rhetoric, it is short on results.”

Generation Opportunity hired a polling company to conduct a nationwide online survey of 1,003 adults ages 18-29 between July 27 and July 31, 2012. Randomly selected online, participants were sent an invitation to a survey via email which included a link to an online questionnaire. The company used quotas to ensure the survey was representative of the larger 18-29 year old nationwide population with regard to race, region, and gender. Data were not weighted.

According to the survey, 89 percent of the respondents said the current state of the economy is impacting their day-to-day lives.  Some of the responses:
• 43 percent have reduced their grocery/food budget;
• 38 percent are driving less;
• 32 percent have tried to find an additional job;
• 26 percent changed their living situation (moved in with family, took extra roommates);  downgraded apartment or home);

The economy also is forcing young adults to delay major life decisions. Eighty-four percent said they had planned, but now might delay or might not move at all, on major life decisions such as buying their own place, 38 percent; starting a family, 31 percent; or getting married, 23 percent.

Seventy-six percent of the Millennials polled said they plan to vote in the presidential election this year.

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