The government released data on the unemployment rate for March 2017 at 4.5%. That is just about the lowest it has been in ten years.
That is a confusing statistic since we are always hearing about jobs being shipped overseas or employees being replaced by robots. How can we explain the stories of job loss with the reality of the low unemployment numbers?
Perhaps the shadow stats can shed some light.
Shadow stats are stats that aim to tell the truth through numbers without any government manipulation or bias. The shadow stat website estimates the unemployment for March 2017 to be 22.5%.
That is a delta of 18%.
So are the shadow stats correct? Is that your life experience? Are more than 1 out of 5 of your friends out of a job? That is not exactly my reality either.
Why is the unemployment rate so low?
The reality is… Millennials.
Many of us saw the loyalty and commitment our parents had to their job. They were rewarded with hard work, long hours, low pay and no loyalty returned. We did not want that for ourselves. And we wanted to make the world better too, not just ourselves.
The Millennials prioritized living over working…
But that does not mean we are unemployed. Quite different in fact.
In The Business of Good, Millennial entrepreneur Jason Haber writes case studies and stories that show how the Millennial entrepreneur is creating jobs, growing the economy, and ultimately changing the world.
Entrepreneur.com calls Millennials “the most entrepreneurial generation EVER.”
So why is the unemployment low even though jobs are going overseas or lost to automation? Millennials to the rescue. We may not get credit for saving the economy, but look around and you’ll see that this explanation does match what you see in the world around you.