The Class of 2010 has graduated into the worst economy in living memory. Those with bachelor’s degrees are joining their under-25 peers in a job market where 11.7% of their cohort is unemployed. And, while other segments of the market recover, the situation for recent graduates is deteriorating. In July 2009, the unemployment rate for college graduates with bachelor’s degrees was 10.1%. A year later, it is 15% higher. Those who chose to “ride out the economy” when the job market first slipped, made a serious error in judgment.
There is no doubt that it is hard for college graduates to find work. But dig deeper in the Bureau of Labor Statistics data, and the news is less gloomy. More that a 100,000 more college graduates are employed in July, 2010 than were employed two years ago.
Two factors play into this seemingly contradictory situation. The first is that over a two-year period, there has been a 3.6% increase in the total number of people with bachelor’s degree qualifications under the age of 25. The second is that the percentage of graduates who are participating in the workforce (either employed or actively looking for work) has jumped from 82% to 86%.
Here’s the bottom line: there are more jobs out there, but there are more young graduates chasing them. Never has it been more important for these job applicants to focus on what they want, identify where they can provide value to an employer and develop a strategy to get their foot in the door. The future of these young graduates depends on it.