Benefits June 18, 2001

Gender Gap Persists In Teen Employment

June 18, 2001 (PLANSPONSOR.com) Nearly 9 out of 10 teen-agers will be working this summer, and the vast majority will be earning more than the minimum wage, according to a new survey.
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According to the nationwide Junior Achievement survey, 85% of students earn more than the minimum wage of $5.15 per hour. However, that’s down from the 91% in last year’s report.

A full quarter of students said they earned more than $7.51 per hour, while another say they earn between $6.01 and $7.50 per hour.

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Still, girls are nearly twice as likely to earn just minimum wage as boys (64.3% to 35.7%), and much less likely to earn more than $9/hour (39% versus 61%, respectively).

Most (57%) students are working to earn spending money, but 15% are doing so to save for college.

The 2001 JA Interprise Poll on Summer Jobs was conducted in March 2001 by Junior Achievement.

An executive summary of the survey

Investing June 15, 2001

Tremont Hedge Fund Index Edges up 0.8% in May

June 15, 2001 (PLANSPONSOR.com) - The CSFB/Tremont Hedge Fund Index was up 0.8% for May 2001, up from 0.7% in April, with emerging markets and global macro investing the month's top performing strategies.
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During the month of May:

  • the emerging market category increased by 2.4% in comparison with its 0.5% drop in April
  • global macro increased by 2.1% compared to a 0.7% increase the previous month
  • managed futures were up by 0.8%, up from their 5.5% decline in April.

Year to Date

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Year to date, the CSFB/Tremont Hedge Fund Index increased by 1.5%, with the top performing 2001 investment strategies being:

  • global macro, which increased by 10.3%, is where managers carry long and short positions in the major capital or derivative markets, both emerging and developed
  • convertible arbitrage, which rose 8.4%, is where positions are designed to generate profits from the fixed income security as well as the short sale of the stock
  • Event driven, which increased by 6.3%, is designed to capture price movement generated by anticipated corporate events.

Major Benchmarks

Over the month, the major benchmarks returned as follows:

  • the Dow Jones Industrial average increased by 1.6%, compared with its 8.7% return in April
  • the S&P 500 was up by 0.5%, dropping from 7.7% the previous month
  • the Nasdaq fell by 0.3%, following April’s 15% gain
  • the MSCI EAFE rose 3.8% in US dollar terms after an increase of 6.7%
  • the MSCI World index fell by 1.5% in US dollar terms, compared with a 7.2% increase the previous month.

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