A New Generation Chasing the American Dream

On Tuesday the New York Times posted a column about a new generation of Americans who are finding the "American Dream" elusive in the current economic environment. The article is still the most e-mailed piece on the New York Times website, and rightfully so. As the article talks about "an age group — the so-called millennials, 18 to 29 — whose unemployment rate of nearly 14 percent approaches the levels of that group in the Great Depression." The rest of the article is equally bleak for the millennials:

For young adults, the prospects in the workplace, even for the college-educated, have rarely been so bleak. Apart from the 14 percent who are unemployed and seeking work, as Scott Nicholson is, 23 percent are not even seeking a job, according to data from the Bureau of Labor Statistics. The total, 37 percent, is the highest in more than three decades and a rate reminiscent of the 1930s. 

The college-educated among these young adults are better off. But nearly 17 percent are either unemployed or not seeking work, a record level (although some are in graduate school). The unemployment rate for college-educated young adults, 5.5 percent, is nearly double what it was on the eve of the Great Recession, in 2007, and the highest level — by almost two percentage points — since the bureau started to keep records in 1994 for those with at least four years of college.

Yet surveys show that the majority of the nation’s millennials remain confident, as Scott Nicholson is, that they will have satisfactory careers. They have a lot going for them.

“They are better educated than previous generations and they were raised by baby boomers who lavished a lot of attention on their children,” said Andrew Kohut, the Pew Research Center’s director. That helps to explain their persistent optimism, even as they struggle to succeed.

Millenials and Word from the Journal

We start off on this Tuesday (an Astronology Tuesday) with a blog entry from the Boston Globe Monster.com HR Center HR Blog about Millenials: click here

Next, from the Wall Street Journal's Career Journal, advice on how to get better pay after years of a lower salary: click here

Also from the Journal, word that the same old technologies that worked in the past are proving successful today for productivity (see chart on right): click here

Lastly, as a special to the Journal a Q&A that addresses the ways to get out of negative thinking at work: click here