The kids just might be alright.
America’s young adults are finally showing signs of regaining their economic footing after being bogged down for more than five years following the worst recession since World War II. Employment prospects for the millennial generation are improving, their incomes are rising and more are leaving their parents’ home to set out on their own.
With millennials projected to overtake baby boomers this year as the biggest generation in the U.S., sustained earnings and employment growth will go a long way in fortifying the economy. In addition to helping whittle down student-loan debt and cover rising housing costs, wage gains among those born after 1980 also could potentially boost pay for all workers.
“Income is probably the most notable area of improvement” for millennials recently, said Sarah House, an economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “We’re going to need to see the expansion continue for a while” to keep strengthening their financial positions, she said.
Full article text available via Bloomberg Business, 2/19/15.
