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Plus, folks are spending less at Starbucks and fast food as gasoline prices have gone up and more cash gets sent to OPEC.
As summer arrives, the job market for teens is suffering along with the rest of the economy. And those jobs will be harder to find this year for poorer kids who need them the most as laid-off adults compete for work at the lowest rung. The rate of teens who had jobs last year was the lowest in more than half a century, Sum said.
Among the reasons: Jobs that once went to teens now go to older or immigrant workers, he said. And some big-box stores have raised the minimum age of prospective employees they will consider.
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