If you're an ambitious teen with dreams of a whopping paycheck, this summer's job market is sizzling hot! 🔥New stats show the surge in young folks joining the workforce is more than just a pandemic trend. 🙋🏼♂️
At these wage rates, Gen A will be out of their parents' basements before Gen Z can come up with the next fashion craze. 👗 BTW, we're loving mermaidcore. 🧜
Here’s Five Fast Facts on teens and summer jobs:
- 🕺 Workin' for the Weekend - This summer, teens are expected to make up 18% of all hires. That's a pretty big jump compared to 2019, when the share was at 2%.
- 🪙 A Pretty Penny - Wage growth among the country's youngest workers climbed higher than that of any other age group since 2020. This past April, wages for those between 16 and 24 were up 11.5% from last year. Compare that to a 6.6% increase for those between 25 and 54.
- 🆙 Back on the Rise - Before the pandemic, teen job share had been on a pretty steady decline. It dipped even lower after the 2001 and 2008 recessions. Now, it's back on the rise.
- 💸 Thanks for the Raise - According to payroll data from the platform Gusto, average hourly wages for teens between ages 15 and 19 reached $14.89 in May. This new average is a 41% increase since January 2020.
- 🤸 Teen Takeover - Although the pandemic's behind us, hourly workers are still in high demand in industries like retail and restaurants. Additionally, many older workers exited part time jobs over the last several years, leaving the spots open for youngsters.
🔥Bottom line: Although there are some concerns around an uptick in illegal child labor, more young folks in the workforce isn't a bad thing. Developing a good work ethic early in life sets you up for long-term success. Worried about how fast the robots are coming for your job? Click here to see how much time you have left!
What jobs are your teens getting into this summer?
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