College Graduates Take Unemployment Rate Head On

  College Graduates Face Hard Times

Lower-Wage Jobs for College Graduates 

Above is a chart showing the percentage of unemployment rate
for specific fields of study and jobs.
Graph from Georgetown Center on Education and Workforce. 

 Most college graduates will leave school without a job offer in hand.  The Associated Press reported that nearly half of new college graduates are either unemployed or working in jobs outside their field.  CBS News reported the weak labor market is leaving college graduates no choice but to turn to lower-wage jobs that do not completely use their skills and knowledge. The College Board reports that from 1981 to 2011, the average cost of attending college is increasing.  Reports state college has increased 180 percent for private or nonprofit four-year colleges and 268  percent for in-state or public four-year colleges.  

Above is a chart showing the top ten most expensive colleges in
the united states as of this year, according to ABC News. According to
Campus Grotto,the cost to attend college exceeded 60,000
 dollars for the first time this year.
Information from ABC.
Photo created by Emily Farns.

Many recently college students are finding it difficult to acquire
jobs.  President Obama announced that college graduates
are finding it difficult to find jobs because of the recession.
Photo taken by Mehmed Zelkovic. 

Job Demand Hits a Low

   According to an analysis conducted by The Associated Press, there is a high demand in science, education and health fields; however, arts and humanities are continuing to struggle. College graduates who majored in zoology, anthropology, philosophy, art history and humanities are among the least likely to find jobs suitable to their education level.  College graduates who majored in nursing, teaching, accounting, or computer science are among the most likely.  However, CBS News reported that half of the 1.5 million college graduates are still struggling in the job market and chances of finding a job in your field of study is very slim. Most job openings are in retail, fast food and truck driving. However, a recent study from Georgetown University showed that 3.4 million jobs have been created since the recovery of the recession began, most of which have gone to people with a college degree. 

For tips about finding your first job out of college visit http://www.universitylanguage.com/job-search/job-after-college/

College Graduates not Financially Ready

  Not only is the weak labor market lessening college graduates chance of getting employed, but it is also causing graduates to hurt financially.  Harvard economist, Richard Freeman reported that 67 percent of graduating college students had some student loan debt. According to CBS News, the total U.S. student loan debt surpassed one trillion dollars.  While the student debt is rising, average starting salaries for college grads has risen only slightly, to about 44,000 dollars. Student debt is just one effect of the high unemployment and underemployment rate for college graduates.

Parents Prepare for Harsh Economy 

  

More and more college graduates are moving back home
with their parents to not only save money, but because of the weak job market.
College graduates who recently graduated cannot afford to live on their own.
Photo from University Family Connection.

The weak labor market is also causing college graduates to move back home with their parents. According to a Pew Research Center, three in ten college graduates are moving back home because they are unable to find a well-paying jobs after receiving a bachelor’s degree. This is the highest share of young adults living in multigenerational households since the 1950s. The Pew recently reported that nearly 30 percent of 25- to 34-year olds either never moved out of their parents’ home or say they returned home in recent years because of the economy. 

Is College Worth it?

  

According to a recent study, people without a college degree
earn less than 30 percent than they did 20 years ago. 
Photo from Job Mouse. 

With the countless stories about the high amount of unemployed or underemployed college graduates, many students are beginning to question whether college is really worth it.  According to a study done by Georgetown University’s Center of Education and the Workforce, a college degree is still the best route to take. Researchers claim that although there is a tough job market for college graduates, it is much worse for those without a college education. According to the study, a high-school graduate will earn median lifetime earnings of 1.3 million dollars compared to a college graduate who will earn 2.3 million dollars in median lifetime earnings.  The study also reveals the recent unemployment rate for high school graduates is nearly 24 percent compared to the nearly 7 percent unemployment rate for college graduates.

For more information about and statistics about regarding the unemployment rate for college graduates, visit http://articles.marketwatch.com/2012-08-23/finance/33323518_1_student-loan-debt-nonprofit-four-year-colleges-college-grads