As a recovering "tech" professor, I've had something stuck in my craw for a couple of months. Until recently I was taking classes post retirement, and have personally witnessed good students not being able to get one interview.
I've seen unemployment rates for recent grads bandied on F16 as about as 6% - 8% as opposed say 4-5% for all, and the feeling seems to be: "well, not as bad as we thought."
I wanted to clarify that a bit.
Counting Unemployment
Almost all students work. Let's say I work 20 hours per week waiting table. I am employed.
Even if I work 1 hour per week, I am still employed, according to the BLS.
If I graduate college, and don't have a job. I'm going to have to keep working. Thus, I never show up as unemployed.
The BLS stat for under-employed is U6. however, this metric is not broken down by age nor by groups like "recent grad".
Underemploment
A more meaningful number: more than 42% of recent grads are underemployed (not needing a college degree.
On the good side (I guess) its been much worse: In March, 1994 about 48% of recent grads were underemployed.
On the bad side, after 15 years of steady decline (excepting COVID) - underemployment is on the rise since 2023, and has climbed 2.5 points (6%) in just the last 18 months.
https://www.newyorkfed.org/research/college-labor-market#--:explore:underemployment
Sorry for the long post.
I've seen unemployment rates for recent grads bandied on F16 as about as 6% - 8% as opposed say 4-5% for all, and the feeling seems to be: "well, not as bad as we thought."
I wanted to clarify that a bit.
Counting Unemployment
Almost all students work. Let's say I work 20 hours per week waiting table. I am employed.
Even if I work 1 hour per week, I am still employed, according to the BLS.
If I graduate college, and don't have a job. I'm going to have to keep working. Thus, I never show up as unemployed.
The BLS stat for under-employed is U6. however, this metric is not broken down by age nor by groups like "recent grad".
Underemploment
A more meaningful number: more than 42% of recent grads are underemployed (not needing a college degree.
On the good side (I guess) its been much worse: In March, 1994 about 48% of recent grads were underemployed.
On the bad side, after 15 years of steady decline (excepting COVID) - underemployment is on the rise since 2023, and has climbed 2.5 points (6%) in just the last 18 months.
https://www.newyorkfed.org/research/college-labor-market#--:explore:underemployment
Sorry for the long post.