After accounting for the present crisis, the average millennial has experienced slower economic growth since entering the workforce than any other generation in U.S. history.
In April, the economy bottomed out with about as many jobs as in November of 1999. The economic regression to the Y2K era is a fitting symbol for a generation that — more than any other — has been shaped by recession.
Things improved in May, but the improvement just means we’re back to December 2000 levels of employment. For millennials who came of age then, it’s as if all the plodding expansions and job recoveries of their namesake epoch evaporated in weeks.
The losses aren’t merely symbolic. This recession steamrolled younger workers just as millennials were entering their prime working years — the oldest millennials are nearing 40 while the youngest are in their mid-20s. Millennial employment plunged by 16 percent in March and April this year, our calculations show. That’s faster than either Gen X (12 percent) or the baby boomers (13 percent).