Millennial Households Are Down but Not Out

Additional evidence leads us to believe this financial improvement is broad-based. Detailed personal income data have allowed us to construct a rough proxy for underemployment, which we define as those earning less than $20,000 a year, including those with no earnings. Since 2011, there has been a gradual decline in the underemployed among 25- to 34-year-olds, with the most notable improvement taking place in 2015.