We recently reported that the real unemployment rate for Americans 18-29 years old is above 16 percent.

But how about those who are underemployed?   Via Instapundit — Washington Secrets pundit Paul Bedard covers the details of a Harvard study on the real job situation for this demographic.

A comprehensive new Harvard University report on Americans under 30, the so-called Millennials, shows that the economy is having a crushing impact, with just 62 percent working, and of those, half are toiling at part-time jobs.

The report, released by Harvard’s Institute of Politics, paints a depressing economic portrait of young Americans, many of whomare stuck with huge college tuition bills and little chance of finding a high-paying job.

But over half, or 59 percent of those aged 18-29, have gone to college and The report reveals that time in college is a better sign of social status than income, mostly because jobs aren’t available.

Contrary to common media wisdom, most younger Americans did not vote in the last election. Of the 46 million Millennials, just half voted. “Although turnout was higher than it was in 1996 and 2000, it was right back to where it has been consistently from 1976-1992,” said The report compiled by the National Conference on Citizenship, the Center for Information and Research on Civic Learning and Engagement at Tufts University’s Tisch College of Citizenship and Public Service, Harvard University’s Institute of Politics, and Mobilize.org.

Another blow to conventional wisdom: Younger Americans interact less than their baby boomer parents, apparently choosing Facebook over facetime. “Conventional group membership, attendance at meetings, working with neighbors, trusting other people, reading the news, union membership and religious participation are all down for young people since the 1970s,” said The report provided to Secrets.

Other details about Millennials in The report:

— 59.2 percent are white; 19.9 percent are Hispanic; 13.5 percent are black; 5.1 percent are Asian; .7 percent are Native American; and 1.5 percent are multiracial or “other.”

— 27.3 percent have immigrant backgrounds.

— Less than 20 percent aged 18-24 percent are married. Of those 25-29, slightly more than 40 percent are married, but that is down 80 percent from 1960.

— Just 1.6 percent are military veterans.

— The biggest group, 36.5 percent, live in the South, and typically in the suburbs.