6% Wage Decline for 25-54 Year Olds: Teenagers Benefit from Strong Job Market

6% wage decline for 25-54 year olds Morgan Skoff, 19, a sophomore at Northwestern University, is thrilled to be throwing a summer party. And she confirmed: «I felt relieved that I finally got a job, and I am very excited to start working, as she plans to obtain a university degree in business, after I applied for a job in the field of sales in the company «Direct Box», which is a global communication platform in the financial markets.
She said the New York City job application process was stressful, especially because there were a limited number of career-sector jobs available for high school and college students, but she started looking early and was offered the position in late winter. Skoff worked as a waitress in a restaurant in high school, an experience she says she now relies on in her current position.
And although there will be fewer summer jobs for young people this year than in 2022, job-seeking teens still have cause for optimism. Pay for summer jobs has risen, and employers across all sectors seem more willing to train teen employees. “If you’re a teenager and you’re looking for a job right now, you have the best job market since World War II,” said Luke Pardot, an economist at online salary platform Gasto.
Scoff is one of the young women reaping the benefits of a strong job market. She said she would earn about $10 higher than the national average hourly wage for teens. That average wage was about 14.89 this summer, up 9 percent from a year ago, according to the Gasto report. However, older workers are not so lucky, as newly hired employees, between the ages of 25 and 54, are seeing a 6% decline in wages, compared to last summer.
Despite the growth in wages for teens, their lack of experience means they still earn far less than older workers, and average hourly wages for teens are about $27 less than for workers ages 25 to 54 in the same sectors.
Julia Pollack, chief economist at online recruitment platform ZipRecruiter, said the drop in teen job vacancies this summer reflects employers’ more pessimistic attitude in the summer hiring season, as they face a potential economic slowdown amid high inflation.
Both Pollack and Pardo said teen applicants competing for jobs in the personal services sector, which includes sports and recreational camps, restaurants, pools and beaches, could still get the jobs of their choice. “Many Americans still find businesses, restaurants, and hotels understaffed, and as a result, there’s an amazing opportunity for teens in particular,” Pollack said.
(agencies)

2023-07-02 19:50:18
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