Jun 17, 2014 | by Franck Cushner, CFP®
Historically, the months of April, May, June, and July make up the summer working months for students and young people. At the end of the summer, the Labor Department releases a report showing not only how many students were hired, but also what industries hired them and at what wages. The Department categorizes young summer hires as persons aged 16-24.
This data is important for economists and companies as it is seen as a barometer of where labor trends might be headed. Many are looking for any sign of a pick up in housing, should young construction workers be hired to fill construction jobs. Over the past few years, retail stores have offered less summer jobs as the industry continues to experience less activity in physical stores, but more activity with online sales.
Of the various industries that hire summer workers, leisure, hospitality, and retail are the biggest employers. These jobs however, are usually among the lowest paying positions. The private sector provides students and teenagers the most jobs, with federal, state, and municipal governments also doing some summer hiring.
The majority of summer jobs for teenagers tend to be part time, and at minimum level wages, while others are actually hired as full-time employees at more generous wages.
With consumer confidence slightly improving, many economists are expecting more vacation and travel plans for the summer. This translates into leisure and hospitality jobs for teenagers, and some at above-average wages as economic conditions improve.
Source: U.S. Labor Department
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