In 2022, more than 1 in 3 U.S. young adults (defined as those ages 18 to 24) reported having no wage or salary income, up from 1 in 5 young adults in 1990. Reducing this share of young adults who aren’t working could potentially result in greater economic growth―an effect with broad benefits.
So, what might be effective at increasing young adults’ participation in the workforce, allowing this group to contribute more to and get more from the economy?
Exploring that question was the theme of a presentation and panel discussion hosted in May by the Federal Reserve Bank of St. Louis. The presentation, given by Data Scientist Lowell R. Ricketts to both an in-person and online audience, focused on recent economic analysis from the St. Louis Fed’s Institute for Economic Equity that examined the economic outlook for young adults through three lenses: their labor force participation, their mental health outcomes and their financial outcomes.