The 'lazy days of summer' used to be the 'money making days of summer' for teens looking to make a little cash for school.
But teens looking to save up money for college or back-to-school shopping were out of luck this year. The Labor Department's figures for July unemployment showed the amount of teens looking for work drop from 29 percent to 26.5. Despite the decline, it is still the worst summer for teenagers since 1948.
"It's very competitive," said Katherine Molloy of Palm Desert. "You can't find anything unless you have some kind of experience."
That's because teens are now competing with out-of-work grown-ups and recent college graduates for entry-level jobs.
While losing a summer job may not hurt teens too much, it will certainly hurt teen-retailers who rely on back-to-school shopping. In the past, a little extra discretionary spending meant an extra pair of jeans or trendy t-shirt.
Without money from teen shoppers, retailers are already offering promotional freebies and slashed prices.
Teen clothing sellers may have overestimated the strength of the economic recovery when ordering clothes for this fall. Now, they are desperate to get frugal families into stores. That means incredible bargains.
