The Council of Economic Advisers, October 2014

“Millennials, the cohort of Americans born between 1980 and the mid-2000s, are the largest generation in the U.S., representing one-third of the total U.S. population in 2013. With the first cohort of Millennials only in their early thirties, most members of this generation are at the beginning of their careers and so will be an important engine of the economy in the decades to come. The significance of Millennials extends beyond their numbers. This is the first generation to have had access to the Internet during their formative years. Millennials also stand out because they are the  most diverse and educated generation to date: 42 percent identify with a race or ethnicity other than non-Hispanic white, around twice the share of the Baby Boomer generation when they were the same age. About 61 percent of adult Millennials have attended college, whereas only 46 percent of the Baby Boomers did so. Yet perhaps the most important marker for Millennials is that many of them have come of age during a very difficult time in our economy, as the oldest Millennials were just 27 years old when the recession began in December 2007. As unemployment surged from 2007 to 2009, many Millennials struggled to find a hold in the labor market. They made important decisions about their educational and career paths, including whether and where to attend college, during a time of great economic uncertainty. Their early adult lives have been shaped by the experience of establishing their careers at a time when economic opportunities are relatively scarce. Today, although the economy is well into its recovery, the recession still affects lives of Millennials and will likely continue to do so for years to come. This report takes an early look at this generation’s adult lives so far, including how they are faring in the labor market and how they are organizing their personal lives. This generation is marked by transformations at nearly every important milestone: from changes in parenting practices and schooling choices, to the condition of the U.S. economy they entered, to their own choices about home and family. However, in many cases, Millennials are simply following the patterns of change that began generations ago. Millennials are also the generation that will shape our economy for decades to come, and no one understands that more that the President. It’s why he has put in place policies to address the various challenges their generation faces. This includes policies such as: making student loan payments more affordable; promoting digital literacy and innovation; pushing for equal pay and paycheck fairness; supporting investments and policies that create better-paying jobs; connecting more Americans to job training and skills programs that prepare them for in-demand jobs; supporting access to credit for those who want to buy a home; and increasing access to affordable health care. And it’s why the Census Bureau. There is no strong consensus about how to define Millennials, though several sources attribute the word to historians Neil Howe and William Strauss, who outlined a theory of social generations in American history. Decennial Census and American Community Survey. Data for Millennials are for those 15 to 34 years old in 2012. Baby Boomers comparisons are for when they were 15 to 34 as surveyed in 1980. Decennial Census and American Community Survey. Data for Millennials are for those 18 to 34 years old in 2012. Baby Boomers comparisons are for when they were 18 to 34 as surveyed in 1980. President will continue to act with Congress and on his own where he can to build on this progress to expand opportunity for Millennials and all Americans.”