According to numerous accounts, the Great Recession has left many recent college graduates struggling to find jobs that utilize their education. However, a look at the data on the employment outcomes for recent graduates over the past two decades suggests that such difficulties are not a new phenomenon: individuals just beginning their careers often need time to transition into the labor market. Still, the percentage who are unemployed or “underemployed”—working in a job that typically does not require a bachelor’s degree—has risen, particularly since the 2001 recession. Moreover, the quality of the jobs held by the underemployed has declined, with today’s recent graduates increasingly accepting low-wage jobs or working part-time.
…By historical standards, unemployment rates for recent college graduates have indeed been quite high since the onset of the Great Recession. Comparison of the experience of new graduates today with that of new graduates in earlier periods shows that fairly high unemployment and underemployment are not uncommon for young people just after they obtain their degrees; this pattern arises because college graduates generally require some time to transition into the labor market. However, when we delve further to examine the quality of jobs held by the underemployed, we find that recent graduates are increasingly working in low-wage jobs or working part-time. We conclude that while elevated rates of unemployment and underemployment may be typical for recent college graduates, finding a good job has indeed become more difficult.
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More than a third of recent college grads with jobs are working in positions that don’t require a degree. The “mal-employment” rate, and right now it tops 36% for college-educated workers under the age of 25. Continue reading »
According to the National Center for Education Statistics, bachelor’s degree holders between the ages of 20 and 24 saw average unemployment more than double from 2007 through 2011. But by 2012, it was falling quickly, back to within about a point of where it was at the turn of the century, when times weren’t exactly … Continue reading »
Then last week Susan Adams received a report from consulting firm McKinsey, done together with student website Chegg, which is making that pit in my stomach deeper. In October and November of last year McKinsey surveyed 4,900 former Chegg customers, a mix of young people who went to private, public, vocational and for-profit institutions. The findings … Continue reading »
McKinsey partnered with Chegg Inc. to conduct a survey that gauges the attitudes of more than 4,900 recent graduates on a range of issues. The mix included attendees of four-year and two-year private and public colleges, as well as vocational and for-profit institutions. The survey primarily focused on students who graduated between 2009 and 2012, … Continue reading »
College just isn’t worth what it used to be. A survey out Tuesday found that 41% of college graduates from the last two years are stuck in jobs that don’t require a degree. Consulting firm Accenture talked to 1,005 students who graduated from college in 2011 and 2012 and haven’t returned to graduate school. In … Continue reading »