Joint Economic Committee Chairman Dan Coats (R-Ind.) today issued an economic report detailing the various economic and employment barriers facing the millennial generation.

He released the following statement regarding the report:

“Millennials are a hopeful generation who grew up during the advent of the information technology revolution that has transformed our economy. Equipped with a fluency in technology and more education than previous generations, many millennials are entering the workforce with high hopes of promising careers. Instead, they are finding stagnant starting incomes, underemployment and high student loan debt.

“These frustrations are delaying their decisions to start families, buy homes and establish businesses. This study details the multiple challenges that millennials face and how Congress can help restore opportunity for the youngest Americans in the workforce.”

The full report is available here.

Below are a few observations catalogued in the report:

• Millennials are delaying marriage, with a higher average marriage age for men (29) and women (27) than previous generations.
• Income of recent college graduates has changed little over the last few years.
• Loaded with far more student and credit card debt, millennials’ debt composition looks much different from the mortgage debt baby boomers assumed at the same age.
• Lower homeownership rates amongst millennials are closely tied to delayed marriage and parenthood, and many lack the ability to purchase homes due to debt and insufficient income.
• Education has not improved job prospects for many young workers, who may feel the drag of graduating during a recession.
• New private business ownership by young adults is less common, as the share of people under 30 years old of age who own or have a stake in one has fallen to a 24-year low.
• Nearly one in five 20-24 year olds was not enrolled in school or working in 2013.
• Index of Youth Misery is up more than 40 percent since 2008.
• Assets of a third of Americans age 24-28 are surpassed by their debt.
• Long-term fiscal challenges continue to ominously loom over millennials as entitlement programs swell to pay for what the federal government has obligated to their parents and grandparents.
• Student loan debt totals a record average of $35,051 for the class of 2015.

Senator Coats is chairing a hearing tomorrow entitled “Millennial Voices on Advancing the American Dream” at 2:00 P.M. in room 106 of the Dirksen Senate Office Building. Additional information is available here.