Despite overall growth in the employment situation in the month of April, employment for 18- to 34-year olds slipped to 75.2% from 75.6% in December, creating the potential for drag on the housing market.
"Employment in this age group is now only slightly higher than a year ago (75.1% in April 2012). Having a job is important for household formation: just 12% of employed 25-34 year-olds live with their parents, compared with 20% of 25-34 year-olds who aren’t working," Jed Kolko, chief economist for Truliab, stated.
Posting a meager change for March, the unemployment rate edged down to 7.5% from 7.6% in March, the Department of Labor said.
Read more...April job gains dampened by weaker outlook for young Americans | HousingWire
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