Friday, July 03, 2009

Teenage Jobs Wasteland

Major take away...

Teenage Jobs Wasteland -
But Lopez Eastlick says there is another major factor: rising minimum wage requirements. Minimum wage increases raise the bar for entry-level employment. From 1997 until 2007, the minimum wage stood at $5.15. Congress raised it to $5.85 in 2007, to $6.55 last year, and in July it is scheduled to increase again to $7.25.

In June 2006, 7 million teens were working. Since the wage hikes and recession kicked in, 1.4 million of those jobs have disappeared. For African-American teens, the job market is even worse--their unemployment rate is 38%.

"For teens who are not in the work force, as many as 10 years later there are financial impacts to that. Ten years later, if you were not employed, you're lagging behind your peers," says Lopez Eastlick. "There's an invisible curriculum you learn from having a job."

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