More than half of recent college graduates are unemployed or working in positions that do not make use of their education or skills, according to a recent report from the Associated Press. Median wages are lower than they were in 2000, and job prospects are reported to be the worst that they’ve been in more than a decade.
In 2011, 1.5 million people with bachelor’s degrees who were under the age of 25 were unemployed. This was about 53% of the population of people with bachelor’s degrees who were under 25 in the United States. That was the highest rate since the burst of the dot.com industry that impacted many new graduates around the turn of the century.
Underemployment is also a significant problem. Last year, more college graduates were employed as waitresses and bartenders than as engineers and scientists, for example.
The impact of the economy and job prospects is related to an individual’s education and desired occupational field. There may be more opportunities for college graduates with degrees in education , science and healthcare than for those with degrees in arts and humanities, for example.
Some economists believe that it may be time for a change in how high school graduates think of college. With the growing burden of student debt and the lackluster job market, it may be more important than ever for students to know what they want to study and how their education will help them get a job before they go to college.
Our Minneapolis bankruptcy lawyers understand the difficulties facing recent graduates. We congratulate the Class of 2012 and we send our best wishes for a better job market in which you can put your education to use and find the job that is right for you.