The estimated 85 million born from 1981 through 2000, prove less restless than their forebears. The standstill may be holding back recovery in the labor and housing markets.
“They remain stuck in place,” said William Frey, a senior fellow at the Brookings Institution in Washington who specializes in migration issues. “The recent slowdown is really an interaction of demographics and a continued housing- and labor-market freeze. Millennials are mired down, very cautious about buying a home or moving to new areas.”
While Frey’s analysis of U.S. Census Bureau data shows Americans under 35 move almost twice as often as other age groups, the pace is slowing. In the year ended March 2013, just 20.2 percent of those aged 25 to 34 relocated, the lowest rate for that age group in data going back to 1947, down from 31 percent in 1965, Frey said…
“Low mobility could exacerbate structural imbalances or mismatches based on geographic location of jobs versus workers,” said Harry Holzer, a professor of public policy at Georgetown University in Washington and former chief Labor Department economist.
The mismatches are evident in regional disparities in joblessness. In March, 59 of 372 U.S. metropolitan areas had unemployment rates under 5 percent, while 25 were above 10 percent, the Labor Department reported April 29. Nationwide, joblessness dropped to 6.3 percent in April, the lowest level since September 2008.
The latest Fed Beige Book review of regional economic conditions highlighted the pinch, with six of 12 Fed districts – – Dallas, New York, Cleveland, Richmond, Chicago and Kansas City — reporting difficulty finding skilled workers.
Chosen excerpts by Job Market Monitor. Read the whole story at America on the Move Becomes Stay-at-Home Nation for Millennials – Bloomberg.