25 Feb U.S. Cities Increase Number of Summer Jobs for Young Adults, but Demand Still Higher Than Supply, New JPMorgan Chase & Co. Report Reveals
More Cities Creating Skills-Based Summer Roles that Align with Future Job Opportunities
JPMorgan Chase & Co. today released a report illustrating how a lack of summer jobs is impacting youth unemployment and creating roadblocks to economic mobility for many young people in the United States. Demand for summer employment remains higher than the number of available job opportunities, according to a new survey of 15 U.S. cities. Despite the creation of more summer roles, only about 38 percent of teens and young adults looking for summer jobs were able to find positions through 18 summer employment programs in the 15 cities surveyed over the last two years.
These findings are part of a new report, Expanding Economic Opportunity for Youth through Summer Jobs, which highlights the importance of summer employment opportunities for teens and young adults and the benefits they provide, including workforce readiness, skills development and higher graduation rates. JPMorgan Chase has supported the development of several programs that equip young people with education and training that aligns with the changing needs of businesses. The report, which is based on a survey of Summer Youth Employment Programs (SYEPs) that are supported by JPMorgan Chase, also reveals that the summer employment rate for teens across the U.S. has fallen to 34 percent, a near record low and a 20 percentage point drop since 1995.
“Despite all of the challenges Summer Youth Employment Programs face, we’re seeing a continued commitment from cities to provide young people with greater access to economic opportunity,” said Chauncy Lennon, Head of Workforce Initiatives, JPMorgan Chase. “But we must make it a national priority to close the gap between the demand and supply of summer jobs.”