Work
Millennials, Work, and the Economy
For most young people, earnings from work constitute virtually all of their income.1 Research shows that the trajectory of most individuals鈥 lifetime wage and salary earnings is heavily influenced by labor-market conditions when they enter the workforce.2 Entering a bad job market with relatively less education exacts an especially large and long-lasting toll on an individual鈥檚 health and life satisfaction.3 Clearly, then, the difficult job market facing Millennials during and after the Great Recession poses a significant challenge to the current and future well-being of today鈥檚 young adults, especially those with low levels of education or training.
Citations
- Among people aged 25-34 in 2012, 94.4 percent of total income came from employment or self-employment (i.e. earnings from work). Among all people 35 or older, the share of earnings from work was 77.7 percent (Bureau of the Census and Bureau of Labor Statistics, Current Population Survey).
- Joseph G. Altonji, Lisa B. Kahn, and Jamin D. Speer, 鈥淐ashier or Consultant? Entry Labor Market Conditions, Field of Study, and Career Success,鈥 Yale University working paper, September 2013.
- David Cutler, Wei Huang, and Adriana Lleras-Muney, 鈥淲hen Does Education Matter? The Protective Effect of Education for Cohorts Graduating in Bad Times,鈥 NBER working paper 20156, May 2014.