The summer job, that time-honored way for young people to make some money, while gaining valuable work experience, is making a comeback of sorts.
The Wall Street Journal reported yesterday that the unemployment rate among young Americans is the lowest it has been in 52 years this summer. The percentage of young people pursuing summer work, however, was below its 1989 high point.
The Journal noted:
Of Americans between 16 and 24 years old actively looking for work this summer, 9.2% were unemployed in July, the Labor Department said Thursday, a drop from the 9.6% youth unemployment rate in July 2017. It was the lowest midsummer joblessness rate for youth since July 1966.
Interestingly, the labor force participation for young Americans remains low. A Drexel University economist suggests that this is because kids now seek unpaid jobs, such as being interns, as a way to enhance later employment chances.
But for regular kids from less affluent hoseholds, who are not able to seek these internships, the reemerging summer job is good news:
One of those finding work was Teandre Blincoe, 17, who placed in a job this summer in an information technology division at Humana, a health insurance company based in Louisville, Ky., by KentuckianaWorks, which has partnered with JPMorgan Chase & Co. to place low-income youth in summer jobs.
With his first job under his belt, Mr. Blincoe said he would feel more confident looking for employment in the future. “I have a really solid idea of how I can present myself and actually get a job.”
Meanwhile, the unemployment rate for adult Americans without a college degree is also at historic lows, as is the unemployment rate for black Americans.