Another summer in the Obama economy is almost over, and this one was no better than the past few for teenagers looking for work. Teen employment remains stuck at an all time low. I feel especially bad for the kids who didn’t vote for this mess, but whose lives will be impacted for years to come.
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.
The trend is all the more striking given that the overall unemployment rate has steadily dropped, to 7.4 percent in August. And employers in recent months have been collectively adding almost 200,000 new jobs a month. It led to hopes that this would be the summer when teen employment improved.
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.” (Read More)
As for an improving employment situation, that’s not entirely accurate. We have a record number of people receiving SSDI benefits, Americans have dropped out of the work force in droves, and many of the jobs being created are part time jobs. So it’s doubtful things will get better any time soon, especially since we have three more years of Obama.