Fewer teens are getting summer jobs, but what does this mean for the economy as a whole?
Summer jobs among kids ages 16-19 has declined by 30 percentage points since the 1970s. What is the reason for this lack of teen employment, and what does it mean for the economy?
Rob Wilson, employment trends expert and President of Employco USA, says several factors are at play. “First, stores such as Macy’s and Sears have closed hundreds and hundreds of stores in recent years, and thousands of jobs have been lost as a result.”
Once the mecca for teens looking to socialize as well as earn cash, these shuttered retail stores could spell trouble for teens.
“When so-called ‘anchor’ stores such as Sears or J.C. Penney close down, it becomes very problematic for the mall as a whole,” explains Wilson of Employco USA. “Filling that retail space is very difficult, and with giants like Sears experiencing a major decline, that means that many malls across the country are going to be left with huge vacancies. This puts all the stores within the mall at major risk, from your kiosks to your pretzel stands to your small clothing stores.”
In addition, teens are now shifting their focus from flipping burgers to working internships in their desired field of employment, especially as President Trump has now made internships more widely available to teens. Continue reading