NEWSWIRE: 3/21/17
- Fully 60% of Millennials live with parents, siblings, other relatives, or roommates—a 115-year high. Many Millennials simply can’t afford to live alone, and the vast majority are comfortable splitting the bills with friends and family instead. (Trulia)
- NH: I often hear people talk about multigenerational living as if it were a recent phenomenon. But remember: For the vast majority of human history, multigenerational living was the norm. It was only very recently that Boomers and Xers decided to buck the trend and set out on their own at age 18. Millennials aren't the exception--they merely mark a return to our roots.
- Boomer job-seekers in cities like Grand Rapids, Jacksonville, and Oklahoma City are disproportionately searching for small business opportunities. Late in their careers, many cause-oriented Boomers are evidently opting for small-scale work where their impact will be felt the most. (Indeed.com)
- Initial jobless claims fell to 223,000 in late February, the lowest level since 1973. While experts may point to this figure as evidence that the U.S. economy is finally back on its feet, plenty of signs of labor market slack remain—such as low labor force participation and tepid wage growth. (The Wall Street Journal)
- NH: Keep in mind that there are 85% more employed persons today than there were in 1973. So on a "rate" basis, today's jobless claims point to the most red-hot labor market in U.S. history. What else may be going on? Well, there is much less labor mobility today than forty years ago--fewer quits and firings but also fewer hires as a share of total employment. (Google: "declining business dynamism.") Also, with the rise of the gig economy, a smaller share of fired workers qualify for benefits.
- Fully 80% of parents likely to get their young children a smartphone wish to do so in order to track their location. Homelanders have been closely monitored since birth—and parents see smartphones as a way to keep their eye on their kids even when they’re not in sight. (Nielsen)
- NH: There is, in fact, a whole array of GPS trackers that worried Gen-X parents can now put into their kids' pockets or sew into their backpacks.
- Columnist Lavanya Ramanathan highlights how Generation X has gone from flannel-wearing slackers who listened to grunge to suit-wearing Republicans who wield political power. While not all Xers are staunch conservatives, she makes a point: Already well-represented in Congress, Xers are poised to take over the presidency for the foreseeable future once Trump’s term ends. (The Washington Post)
- NH: I was heavily interviewed for this story. Keep in mind that when the author says "Generation X," she means first-wave Xers (born in the 1960s; came of age with Reagan), whose best-known political leaders do indeed lean heavily to the GOP.
- Only 9% of Millennials in the D.C. region say they will definitely not leave in the next five years. Despite this generation’s affinity for city life, D.C.’s high cost of living, terrible commutes, and workaholic culture has many Millennials pegging the nation’s capital as a temporary career destination—not a place to put down roots. (American University's Kogod School of Business)
- McDonald’s has reportedly been working with companies like Postmates and Uber to design its own delivery service. The company is hoping that jumping on the restaurant delivery bandwagon will provide a much-needed sales boost. (Bloomberg Business)
- A new study reveals that 80% of Millennials still carry cash, and 42% even write checks. Their outdated habits make sense: Millennials want to avoid falling into credit card debt, and the nascent cashless payments market hasn’t yet spawned a true cash replacement. (Accel/Qualtrics)
- NH: Many experts have been flummoxed by the large share of digital-savvy Millennials who still carry around paper money. But they need it. Compared to older people, they move more, experiment more, and find it harder to get credit--making cash a necessity. They don't have the space to horde large e-commerce purchases. And unlike plastic, paper money doesn't carry any APR--which is all-important for a risk-averse generation already terrified by debt.
- New research shows that Millennials account for 13% of “affluent” Americans—nearly as high a share as Xers (17%). Though representing just a sliver of the overall population, these figures are emblematic of the saving habits of Millennials as well as the poor timing of Xers. (Wealth & Affluent Monitor)
- Parents and researchers are wondering how voice assistants like Amazon’s Alexa and Google Home are shaping the lives of young Homelanders. While these devices are fairly new, many remain concerned that the youngest generation is missing out on everyday social interactions by asking devices (and not their parents) for information. (The Washington Post)
- Consumers ages 37 to 51 comprised the fastest-growing share of homebuyers in 2016, at 28% (up from 26% in 2015). The generation hit hardest by the housing bust appears to finally be taking the homeownership plunge once again. (National Association of Realtors)
- In 2015, 26% of children under age 18 lived with at least one immigrant parent—and 88% of these children were born in the United States. The diverse family backgrounds of Homelanders and young Millennials will likely influence their stance on immigration policy in the years ahead. (Migration Policy Institute)
- In A Generation of Sociopaths, Bruce Cannon Gibney argues that Boomers’ sociopathic tendencies have undermined America. More than most generations, Boomers have their vices—but they have also spearheaded causes that have improved society since the 1950s, including raising education rates and welcoming women into the workforce. (WBUR)
- NH: Gibney does a good job connecting the dots along the generational diagonal. He shows, for example, that the same generation that pushed the envelope on risk-taking in their youth (drugs, crime, accidents, declining SAT scores) is today doing the same in their 50s and 60s (depression, alcoholism, homelessness, obesity).
- Columnist Troy Patterson reviews the experience he had at a new Saks store that offers everything from live music to a putting green. The upscale chain is trying to woo young, affluent consumers—and reverse the decline that has plagued nearly all department stores. (Bloomberg Business)
- One Millennial discusses why, with the financial backing of his parents, he returned to school to earn a graduate degree. Like many young adults, he feared the stigma of being a Millennial moocher—but like many Boomers and Xers, his parents insisted that they wanted to help their child achieve his dreams. (LearnVest)
DID YOU KNOW?
If You Build It, Millennials Will Come. Millennials rightfully get plenty of attention for their love of the big city. But at least one group is trying to lure this generation to suburbia: business property owners. As The Wall Street Journal reports, New York-area suburban office developers are investing in massive renovations to make their spaces more appealing to firms that want to attract Millennials. What makes these spaces different? One New Jersey firm, Onyx Equities, is investing in group-friendly renovations such as a new lobby, a cafeteria, and conference areas. In one joint project, Rubenstein Partners and Vision Real Estate Partners even demolished a building to make room for greenery and walking paths. Other business park owners like Mack-Cali Realty Group are catering to young “foodies” by building restaurants near their office spaces. As Mack-Cali President Michael DeMarco said, “Food has become an incredibly big thing for Millennials…When you were younger, you’d go out and get a sandwich. Now you get sushi.”
