Young adults drop out of the job market
The drop in the unemployment rate in August isn’t particularly good news for the economy — it’s driven mostly by nearly 400,000 people dropping out of the labor force, rather than more people finding jobs.
But those dropping out aren’t so much the discouraged 30-, 40- or 50-year olds. In fact, the Labor Department said there was a modest decline in the overall number of discouraged job seekers.
The drop is because so many young adults, aged 16 to 24, are no longer looking for work.