TEENS: I have good news for you. This summer's job market is one of the very best over the past several decades! There are more jobs available than ever before and many of them have excellent compensation structures as well, especially for teenagers.

According to government statistics recently released, the unemployment rate in May for 16 to 19-year-old workers dropped to 9.6% from 12.3% a month earlier.

Last summer during the COVID-19 pandemic's peak, this age group saw a 29.6% unemployment rate.

In May, 33.2% of the 16-to 19-year-olds had a job, according to the Bureau of Labor Statistics. This number bodes extremely well for this summer, when teens have more time and the propensity to seek a job. Many teens, along with adults, were terminated from jobs last spring and summer, especially in the hospitality and foodservice industries. This summer, the opposite is true. Job openings are plentiful, and the pay rates are excellent. The BLS statistics from May indicated that over 50% of the jobs added to our national economy were in the leisure and hospitality industry.

I believe that taking a summer job is a good thing for most teenagers. Every family has its own situation and dynamic, but for those teens who have the time and ability to work outside the family home, opportunities to do so have never been better.

Employers are struggling with a labor shortage, and many economists feel factors such as large unemployment benefits and the lack of childcare options are keeping some who could otherwise join the workforce at home. This creates opportunities for teens!

The shortage of workers is so acute in some areas that "signing bonuses" are being offered. These bonuses range from $100 to upwards of $500 depending on the terms and conditions of employment, such as total weekly hours worked, or overall length of employment with the company.

Prior to the pandemic, teens typically had to compete with older workers for summer and holiday part-time jobs. However, since COVID-19 arrived, many baby boomers have opted to retire and/or have since decided not to look for part-time work. This further creates openings and opportunity for potential young workers across America.

The self-esteem, character development and ability to earn and save money create what I consider to be a 'triple play' of benefits to teenagers. So, teens, if you've ever thought about working part-time or getting a summer job, the time has never been better. And from what I'm also hearing from many of the business professionals I speak to, the holiday job market is expected to be quite strong as well. So, do consider taking on a part-time job. You may have several good opportunities to choose from!

Dr. Robert Wallace welcomes questions from readers. Although he is unable to reply to all of them individually, he will answer as many as possible in this column. Email him at [email protected]. To find out more about Dr. Robert Wallace and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.