Thursday, February 25, 2016
JP Morgan Chase Report Addresses Summer Youth Employment Deficit
Around the world, youth unemployment rates are at or near historic highs – with a slow predicted recovery – including in the United States, where young people are experiencing Depression-era levels of employment. While the economic recession over the last decade left many groups facing declining employment rates, teenagers and young adults have experienced the steepest drop of any age group.
JP Morgan Chase released its second report on summer youth employment programs: “Expanding Economic Opportunity for Youth through Summer Jobs.”
The report, which surveyed programs supported by JPMorgan Chase in 15 cities across the United States, found that while summer job opportunities are on the rise, only 38 percent of teens and young adults looking for jobs were able to find them in these cities. That shortfall can have a significant impact on economic opportunity for young people if they are left without the skills they need to compete for jobs in the future.
Despite these challenges, JPMC continues to see a commitment from cities to creating more summer jobs opportunities, and to bringing those programs in line with the needs of the business sector and with a skills focus, which can open new pathways to future career options. They are working with local providers to continue to encourage that growth and prioritization.