A tough job market for teens, thanks to Grandpa [View All]

[Liberal_in_LA]

A tough job market for teens, thanks to Grandpa

Today, grandpa is more likely to earn a paycheck than his grandson, according to research by the Center for Labor Market Studies at Northeastern University in Boston.

The findings highlight two disturbing trends: First, they reveal just how financially strained seniors have become as many in retirement age fill jobs typically sought by teens.

What's more, the findings underscore just how tough the market has become for teens looking to build soft skills and help with family finances. In fact, today's job market is exacerbating a trend that's been worrying for more than a decade: employment among 16 to 19-year-olds has been steadily declining since 2000 while employment among 60 to 64 year-old adults has consistently risen. Baby boomers have either stayed at their jobs longer, or taken lower-skills jobs ordinarily filled by younger workers, for various reasons that include the plunge in stock prices following the financial crisis and the recession.

"A lot of the jobs older people have taken would have gone to teenagers a decade ago," says Andrew Sum, economics professor and director of the labor market studies center. Sum points to jobs in retail stores and fast-food restaurants that are increasingly being filled by older workers. Aside from the fact that the job market has made employers a lot choosier, they're also more inclined to hire older workers with "soft skills," such as showing up on time, taking orders and so forth.

http://finance.fortune.cnn.com/2011/03/29/a-tough-job-market-for-teens-thanks-to-grandpa/