This study examines how different Latino generations (immigrants and their U.S.-born offspring) perform in the labor market, highlighting the wages and employment of young adults. It is based on tabulations of Current Population Survey data collected monthly by the U.S. Bureau of the Census, with the years 1995 and 2000 as the starting and closing points for the analysis. Results indicate that beyond the age of 25 years, second generation Latinos fare better than similar immigrant Latinos. They are better paid, their rates of job-holding are at least as high, and they experience similar unemployment rates. By the time they reach prime working age, most second generation Latinos fare at least as well as African Americans, though their labor force outcomes are markedly worse than those of whites. High education levels are a prerequisite for second generation Latinos to reach parity with white earnings levels. Many second generation Latinos are in school during their teens and early twenties, but about a quarter of them work and study at the same time. Foreign-born Latino teens who are new arrivals earn substantially more than second generation Latino teens. Second generation Latino teens are paid less, experience higher unemployment, and have much lower rates of job-holding than recently arrived immigrant Latino teens. (Contains 19 references.) (SM)