Millennials who never made a full recovery from the 2008 recession, and now experience further financial turmoil related to the coronavirus pandemic, may not accumulate the same wealth as older generations once could, according to a recent report.
Financial woes amid the pandemic have caused millennials (those born from 1981 to 1996) to delay major milestones, like getting married, having children, or buying a home.
According to the U.S. Bureau of Labor Statistics, 16.3 million Americans were unemployed in July, and the number of unemployed was up by 10.6 million since February, according to the report, which was released in August. Millennials comprise 4.8 million of those jobless due to the coronavirus pandemic, said the Wall Street Journal, citing the Federal Reserve Bank of St. Louis.
The coronavirus pandemic reportedly slammed millennials harder than older generations, and its 12.5 percent unemployment rate looms above Generation X and baby boomers, the outlet wrote, citing May data from the Pew Research Center.
In a separate report, Pew Research Center noted that unemployment was higher among women than men (14.3 percent to 11.9 percent, respectively) in May, reasoning that women made up more of the workers on payrolls in education, leisure and hospitality sectors.
Similarly, the WSJ attributed millennials’ losses to younger workforces that comprise the leisure and hospitality industry.
“It’s a sign that something has broken in the way the economy is working,” Jesse Rothstein, professor of public policy and economics at the University of California, Berkeley, told the outlet. “It’s gotten harder and harder for people to find their footholds.”
Fox News' Ann Schmidt contributed to this report.