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Economics

Transit and social media connections in New York City

Source: JournalistsResource.org

There’s a phenomenon economists call “agglomeration economies,” where a collection of companies become more efficient by being close to one another. The idea holds for people, too. When people cluster in dense places like cities, they share insights and resources. Strong social connections make for good economics.

Minimum Wage Increases May Explain Decline in Teen Employment

Source: JournalistsResource.org

From hazy days spent lifeguarding at the local swimming hole to doling out endless soft-serve ice cream cones, summer means millions of teens across the U.S. are getting to work.

Around 6 million people aged 16 to 19 will work this summer, according to the U.S. Bureau of Labor Statistics (BLS). The rest of the year, employment levels for these teens hover around 4 million to 5 million, so an additional 1 million to 2 million teens usually get jobs during the summer.