Comptroller: Millennials face economic troubles
A new report from the city comptroller's office says millennials -- people roughly ranging from 19 to 30 years old -- are facing the toughest job climate since the Great Depression.
The 40-page report found that millennials are making 20 percent less than the generation before them. What's worse, according to Comptroller Scott Stringer, is that they may never catch up after starting with such low pay.
He says that while more people are graduating with college degrees, they're also becoming indebted in the process -- and then getting jobs in lower wage industries like retail, health care, food service and hospitality.
Less people are starting out in higher-wage industries like technology, advertising and finance, according to Stringer.