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For years, most college students have positioned a premium on the job-related advantages of going to school. The share of scholars who stated getting a greater job was a “essential motive” to attend faculty hit a document excessive of 87.9 p.c in 2012 — and has hovered within the mid-80s since then, based on a nationwide survey of incoming freshmen.
And whereas a four-year diploma nonetheless pays off relative to not going to school, information from the Federal Reserve Financial institution of New York present that new faculty graduates are going through more durable employment prospects than are all job seekers within the bigger labor market.
In June the unemployment charge was 4.1 p.c for folks age 22 to 27 with a bachelor’s diploma or larger, in contrast with 3.5 p.c for all staff. That hole has endured each month since January 2021, the info present, with new graduates at a constant drawback.
Within the present tight labor market, current faculty graduates are competing with a bigger pool of staff, a few of whom have benefited from employers’ enjoyable diploma necessities to draw candidates.
And regardless of the economic system’s job good points, the Fed’s efforts to battle excessive inflation imply {that a} recession could be on the horizon — which might weaken the job market and make their seek for employment even tougher.
Right here’s a take a look at the labor marketplace for current faculty graduates:
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