Sunday, September 1, 2013

The "Great Depression" for Teens

Did you know that teenagers under 18 can register with an adult and work the Nu Skin business just like anyone else?  Have you thought about the possibilities there?  They need it NOW more than ever before! ...Dennis

Teen employment hits record lows, suggesting lost generation


For the fourth consecutive summer, teen employment has stayed anchored around record lows, prompting experts to fear that a generation of youth is likely to be economically stunted with lower earnings and opportunities in years ahead.
In 1999, slightly more than 52 percent of teens 16 to 19 worked a summer job. By this year, that number had plunged to about 32.25 percent over June and July. It means that slightly more than three in 10 teens actually worked a summer job, out of a universe of roughly 16.8 million U.S. teens.
“We have never had anything this low in our lives. This is a Great Depression for teens, and no time in history have we encountered anything like that,” said Andrew Sum, director of the Center for Labor Market Studies at Northeastern University in Boston. “That’s why it’s such an important story.”
Summer is traditionally the peak period of employment for teens as they are off from school and get their first brush with employment and the responsibilities that come with it. Falling teen employment, however, is just as striking in the 12-month numbers over the past decade.
“Kids that get work experience when they are 17 or 18 end up graduating from college at a higher rate,” said Michael Gritton, executive director of the Workforce Investment Board, which promotes job creation and teen employment in Louisville, Ky., and six surrounding counties. “There are economic returns to those young people because they get a chance to work. Almost every person you ask remembers their first job because they started to learn things from the world of work that they can’t learn in the classroom.”
The teen employment numbers are calculated from the Current Population Surveys, carried out by the Census Bureau for the Labor Department’s Bureau of Labor Statistics. This survey of households is used in determining estimates for the size of the civilian workforce, the number of employed nationally and the unemployment rate.
Unemployment data is calculated in a different fashion, and while it tells a similar story of hardship for teens, it is not considered by researchers to be as accurate as the employment data because it underestimates the severity of the slow economy.
The weak employment numbers sometimes prompt a mistaken narrative that younger workers are just staying in college longer rather than entering the workforce, or are going on to graduate school given the impaired jobs market.
“I think there is this myth out there that there is some silver lining for young people, that they are going on to college. . . . You don’t see an increase in enrollment rates over and above the long-term trend. You can’t see a Great Recession blip,” said Heidi Scheirholz, a labor economist at the liberal Economic Policy Institute, a research group. “They are not in school. There’s been a huge spike in the not-in-school, not employed. It’s just a huge missed opportunity.”
Even before the economic crisis exploded in the summer of 2008, workers ages 16 to 19 made up a declining share of the overall workforce, in part because of a decades-long climb in college enrollment, and in part because universities now place less importance on work and more on life experiences and community service.
But most of this decline in youth in the workforce is thought to be the result of the severe economic crisis and its aftermath, with older workers taking the jobs of teens.
“People entering into the labor force in their 20s, it looks like more and more now they’re not going to have any work experience as teens. Labor force participation is as low as it’s ever been,” said Keith Hall, who served as commissioner of the Bureau of Labor Statistics from 2008 to 2012.
Hall points to a troubling trend within an already worrisome statistic. Because of the so-called Great Recession and the sluggish growth that’s followed, middle-age and older workers are not moving up the career ladder. The natural order of career progression has been stunted.
“I think that means that a lot of workers aren’t advancing through their careers,” he said. “Younger workers aren’t going to be progressing through their careers as they did before.”



Read more here: http://www.mcclatchydc.com/2013/08/29/200769/teen-employment-hits-record-lows.html#.Uh_JCuCFx70#storylink=cpy

Read more here: http://www.mcclatchydc.com/2013/08/29/200769/teen-employment-hits-record-lows.html#.Uh_JCuCFx70#storylink=cpy

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