I think the opposite is actually the case- the young millennials without a college education are indeed unemployed at an alarming rate, but even the college educated millennials are struggling. Those who could not make it in college (no do-overs) revert to the halcyon epoch of their childhood when playing video games was a source of "good feelings" since they could WIN with little effort. Their past-time as a youth becomes a psychological crutch for their failures in real life as an adult. Their social ineptitude manifest by a generation texting instead of actually talking, created a large group of misfits for the current job market, that for the most part relies on traditional forms of communication. Their "friends" are video sobriquets that they will never meet and live thousands of miles away, likely to pop out of their lives when the "friends" acquire a real job or when their video account runs out.
Unlike in European countries where trades are lauded equally to college, the millennials have no such fall back position since the solitary focus of the secondary education system in the US is to create attendees at college, not plumbers and electricians who are viewed as subhuman by educators. So, lacking the capability to fit into college and with no fall back position, the millennials slip back into what is comfortable- their gaming skills. These skills at least allow them some strokes that they would not get working as a convenience store clerk at age 25. Their mothers speak in whispers about their job to others when asked "where is Johnny working". The jobs they actually do land are typically quite transient, since millennials see a dead end job as the dead end job it is, and would rather live at home without having to support themselves, with no prospects for the future, and only a vague sense of wanting to be happy as the solitary goal in life. Industry, creation, work ethics, and long term concrete goals remain foreign to millennials as a group, since their focus is quite different from past generations. Getting a job, saving money, building a financially stable life is not nearly as important as finishing Halo 1-5 on Legendary mode.
So we can't blame the millennials for all the problems they face, but wouldn't it have been interesting had they not been given 3 do-overs on those classroom tests, or given extra credit for going to the theater to watch a non-sequitur movie for a class, or for just once, not have been given any one of their entire collection of participation trophies? The world might be a different place.