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For the previous decade, statistics show three out of four teens who wanted to function could not land jobs. And before you believe cynically that it is simply because they can pay you much less, the truth is that it’s merely that they have jobs that are casual or transient in nature and never appeal to older people seeking for much more settled or extended-term employment.
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An additional bit of good news is the rise in the stock market place has helped older workers close to or at retirement age to see a good improve in their 401k plans which offers numerous seniors the opportunity to bypass taking low wage element-time positions (traditionally held by teens) solely for needed revenue.
The federal minimum wage increases of 2007, 2008 and 2009, combined with a number of state minimum wage increases, and without having any meaningful financial growth to offset their combined negative impact, effectively removed 1.four million teens from the ranks of the employed, a scenario that only not too long ago improved in just the previous three months.
Although we would expect that the number of employed individuals in the U.S. would rise and fall with general economic circumstances, the marginal nature of working teens makes this portion of the workforce visibly reactive to alterations in the minimum wage.