This generation will be studied for years to come. So many people have degrees but can’t find work.

Newsweek reports.

Millennial College Graduates: Young, Educated, Jobless

This spring, an estimated 2.8 million university graduates will enter the U.S. workforce with bachelor’s, master’s and doctoral degrees just as America’s unemployment rate hits its lowest level in nearly seven years. Cause for celebration, right? Not so fast.

The millennial generation is still lagging in the workplace, just as it did last year. It makes up about 40 percent of the unemployed in the U.S., says Anthony Carnevale, a director and research professor for Georgetown University’s Center on Education and the Workforce.

Generation Opportunity, a conservative nonprofit that advocates for millennials, releases a monthly “Millennial Jobs Report” that slices official labor data and tracks unemployment rates for younger workers. As of May, the data show 13.8 percent of 18- to 29-year-olds are out of work, an improvement over 14.2 percent in January and over the same time last year, when it was 15.4 percent. The trend is encouraging, but the number is still way above the national jobless rate of 5.4 percent.

“If you look at the numbers starting in 2009, we’ve been in the longest sustained period of unemployment since the Bureau of Labor Statistics began collecting their data following World War II,” says David Pasch, a spokesman for Generation Opportunity and a 26-year-old millennial. “This misconception that we don’t want jobs or that we’re lazy and entitled is nonsense.”