In Pew Research Center’s latest report on American views on the job market, the thrust is largely political, but there’s further insight to be gained here.
Age range is included as a variable in only one question — “Percent who say their family income relative to the cost of living is…” — but it’s informative regardless. While 48% of those 18-29 say the pace has stayed even, 48% of those in the next bracket up — 30-49 — report that income is falling behind. Perhaps there’s no surprise here: though it would be nice to access a more detailed breakdown within that second bracket, the group overall is likelier to be feeling the pressures of homeownership, child-rearing — and, perhaps for some in the younger half, a heavier burden of student loan debt now coming due.
Income range is another variable of interest in this survey. Per the third quarter report from the Bureau of Labor Statistics, Americans aged 25-34 employed on a full-time basis earn a median $778 per week, or $40,456 for a full 52-week year. For men of the age group, the median is $43,420 per annum; for women, $37,908. Earnings for part-time workers, a classification that can include those working up to 39 hours a week, are about half of that annually.
Thus, many American millennials fit neatly within the lower range of the $30,000 to $75,000 income bracket, the median responding group in Pew’s study. A majority 52% of those with incomes between $30K and $75K reported the belief that their income was falling behind relative to cost of living, a sentiment unsurprisingly shared by 67% of those earning under $30,000. But that median income group is evenly divided on the question of employment opportunity: 43% believe “plenty of jobs” are available in their region, 42% believe those are good jobs. For the sub-$30K group, however, it’s a 46% (“jobs”) to 26% (“good jobs”) split.
Pew’s report suggests views on the economy have been trending upward overall since the onset of the Great Recession — but the daily realities of cost of living and income rate are not evenly paced for all.