Your late 20s are supposed to be one of the best times of your life: Old enough to build a career and start a family. But young enough to party.
According to a batch of new government data, it turns out it's not all beer and roses.
The U.S. Department of Labor is conducting a massive survey of millennials: Since 1997, researchers have followed the same group of 9,000 people, all born between 1980 and 1984. They have conducted 15 rounds of interviews.
The latest findings were released Wednesday and show how the cohort is doing at age 27.
Less than a third (28%) had a bachelor's degree. For that group, job prospects aren't bad, and unemployment remains low.
But what about the rest? Most worrisome are the 9% of 27 year olds who never even completed high school or a GED program. Since turning 18, these young adults have spent an average of 50 weeks (almost an entire year!) unemployed.
And that's not counting the time spent out of the labor force completely for any type of education, training or taking care of family. By age 27, high school dropouts have spent an average of 144 weeks out of the labor force.
To dive deeper into the data, check out the Department of Labor's full results from the survey.
Not surprisingly, college graduates have the highest levels of employment. By age 27, a college-educated adult has spent an average of 12 weeks unemployed, whereas her high school dropout peers have been unemployed for almost a year (an average of 50 weeks).
The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, Abbott Laboratories and AbbVie, La Monica does not own positions in any individual stocks.
Last I checked, there has not been a palace coup d'état in the halls of the Federal Reserve. Kansas City Fed president Esther George has not wrested control of the central bank's chairmanship from Ben MOREPaul R. La Monica - Feb 21, 2013 11:20 AM ET
Spain suffered the highest level of joblessness in the eurozone in July, as overall unemployment in the region held steady at a record high.
One out of every four citizens in Spain is unemployed, according to the latest statistics from Eurostat. The situation is even worse for young Spaniards. The unemployment rate for those under 25 years old is now approaching 53%.
Spain has been dealing with high unemployment for years. The MOREBen Rooney - Aug 31, 2012 11:23 AM ET
It's not eurobonds, but the leaders of France and Germany do agree on one thing.
French President Franςois Hollande and German Chancellor Angela Merkel both talked up the so-called growth pact that European Union leaders are expected to discuss Thursday in the first session of their latest summit.
Speaking to reporters outside EU headquarters in Brussels, Merkel said the pact on growth and employment is "a good program" that will, among other MOREBen Rooney - Jun 28, 2012 11:04 AM ET
Not a member yet?Sign up now for a free account
|Occupy abolishes $4 million in other people's student loan debt|
|Billionaire boom: Where the money is now|
|NASA to unveil a partnership with the private sector to send astronauts into space|
|5 things investors should know about Alibaba|
|Ready for the Fed? Keep an eye on these two words|