The White House, with the Council of Economic Advisers, published a report on the economic impacts of the largest generation in the U.S.: millennials.

Identified as Americans born between 1980 and mid-2000s and representing one-third of the total U.S. population, the White House released the "15 Economic Facts About Millennials" as individuals of this group are set to be an "important engine" of the U.S. economy.

"The significance of Millennials extends beyond their numbers. This is the first generation to have had access to the Internet during their formative years," the White House said. "Millennials also stand out because they are the most diverse and educated generation to date: 42 percent identify with a race or ethnicity other than non-Hispanic white, around twice the share of the Baby Boomer generation when they were the same age."

The White House noted that President Barack Obama understands the impact millennials will have on the economy and has therefore placed policies that have affected the generation, which ranged from student loans, digital literacy, equal pay and increased access to health care insurance.

According to "15 Economic Facts About Millennials," millennials represent approximately a third of the labor force despite economic challenges such as the Great Recession. The unemployment rate of millennials between the ages of 18 and 34, on a seasonally adjusted basis, peaked at over 13 percent by 2010 and has dropped to 8.6 percent by September this year.  

While more millennials are receiving higher education, the unemployment rate has declined regardless of educational levels. But with education, the advantages appear with college degree millennials. Millennials ages 25 to 34 with a college degree had an unemployment rate of 3.7 percent in 2013, substantially less than the 13.5 percent with the same age group comprising of high school educated millennials.

"Bachelor's degree holders are also six times more likely to have earnings in the top income tax bracket than those with only a high school degree," the report noted. "In addition to earning higher wages on average, individuals with a college degree are less likely to be unemployed. As of September 2014, the unemployment rate for those with a bachelor's degree is around 3 percent, compared with over 5 percent for high school graduates."

Despite the educational gains, millennials are encountering slow wage growth, which worsened as a result of the Great Recession. A standard employed college graduate who entered the job market by the late 1990s saw their wages grow by nearly 50 percent between the ages of 23 and 28, but the rate has fallen to under 25 percent for college graduates entering the market at the start of the Great Recession.

Likely becuase of the job market, millennials are more likely to stay with their early-career employer. While the White House stated "loyalty" could be a characteristic for staying at the same job, the job market has seen fewer employer switches and "lower overall fluidity" in the market.

The White House noted the positives to staying with an early-career employer, which included better job security, improved on-the-job learning and the "additional productivity associated with reduced turnover."

The White House admitted "substantial challenges" will be met for millennials, but "no generation has been better equipped to overcome them than Millennials."

"[Millennials] are skilled with technology, determined, diverse, and more educated than any previous generation," the report added.

The "15 Economic Facts About Millennials" also noted Obama can act "own his own," referring to executive actions, to expand opportunities for millennials.