Millennials costing US Economy 376 billion annually

Published by rudy Date posted on May 13, 2016

http://tacticalinvestor.com/millennials-costing-us-economy-376-billion/

Millennials are costing the U.S. economy more than $376 Billion a year, according to a recent Gallup poll.

The poll found that between 2008 and 2015, the economy lost approximately $949 million per day and $346.4 billion a year due to the lack of millennials spending money. An additional $30.5 billion was lost to high turnover rates in millennial employment.

Gallup stated the decline in millennial spending was the result of the Great Recession.

“Among Americans overall, spending has declined since 2008,” Gallup said. “Currently, millennials spend an average of $85 per day and account for 28% of all daily per-person consumers spending in the U.S.” (RELATED: Millennials Embrace Free Trade More Than Any Other Generation)

Breaking down the demographic makeup of over 73 million millennials, the study found that their spending habits mirrored that of the baby boomers of the post-World War II era.

Spending habits were a big portion of the deficit, while the labor market was the underlying factor.

The study showed 71 percent of millennials were dissatisfied with their current job and were actively seeking new employment opportunities. As a result, Gallup claims the turnover rates costs the economy an additional $30.5 billion annually. Fifty-five percent of millennials were not engaged at work, and thus switch careers frequently. (RELATED: Inside the State of the U.S. Economy, Labor Markets)

Gallup says people are mistaking their indifference in climbing up the socio-economic ladder for entitlement and this could be a dire mistake.

“Millennials have the capability to alter the very fabric of America,” Jim Clifton, CEO of Gallup, said. “Millennials are waiting longer to get married and have children, and they’re less likely than other generations to identify with specific religions or political parties.”

The indifference is said to be a result of the lack of quality work, management and consistent communication and feedback.

“The strength of the workplace and marketplace depend on what the millennial generation can accomplish [and] if millennials cannot find good jobs, the economy will continue to lag,” Gallup said. “If they are not engaged in those jobs, companies’ profitability, productivity and innovation will suffer.”

Sept 5 – Oct 5
National Teachers Month

“Pay teachers decent wages,
Pay attention to teachers!”

Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.

Accept National Unity Government (NUG)
of Myanmar.  Reject Military!

#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

September


Monthly Observances:

Health, Safety, and Sanitation Month
Clean-up Month
Civil Service Month

National Peace Consciousness Month

Social Security Month

Rule of Law Month

National Teachers’ Month (Sept 5-Oct 5)

 

Weekly Observances:

Sept 17 – 23:

World Clean and Green Week

Week 2: Education Week

Week 4: Medicine Week

Last Week: Family Week


Daily Observances:

Third Saturday: International Coastal Clean-up Day

Third Monday: World Health Day

Last Friday: National Maritime Day

Sept 8: National Literacy Day

Sept 15: Philippine Medicine Day

Categories

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.