unemployment rate

Employment Rates and Average Salaries Down for New College Grads

A trend that many have suspected to be on the rise – including college graduates – has been confirmed in a recent survey regarding employment rates among young people. An online survey from PayScale.com conducted between July 2011 and July 2012, showed that 63 percent of young people between the ages of 18 and 29 have a bachelor’s degree, however, are often forced to take jobs that don’t require one.

The survey included input from nearly 500,000 young workers, and only further suggested that a four-year college degree doesn’t mean as much as it used to when it comes to securing a job.

As reported by MarketWatch, a similar survey conducted by Rutgers University saw similar conclusions. They found that nearly half of young people who have graduated in the last five years say their jobs don’t require a four-year degree, and only 20 percent said their first job was actually in their desired career field.

Cliff Zukin, a professor of political science and public policy at Rutgers, told MarketWatch that these findings paint a grim picture of employment for recent college grads, saying, “Our society’s most talented people are unable to find a job that gives them a decent income.” Read the rest of this entry »



Architecture Majors Hit Hardest by Unemployment

Man working on a computerWant job security? Then you may want to consider the following majors: engineering, science, education and healthcare.

A recent report by Georgetown University revealed that if you want to land a job fresh out of college, you have to major in a field that is linked to these fastest growing industries. The study by Georgetown’s Center on Education and the Workforce also reported which majors are failing degree holders.

Architecture grads, for instance, have the highest unemployment rate of their peers. They’ll have to tackle figures of about 13.9 percent due to the decline in housing construction.

The survey also revealed that grads with non-technical degrees are facing tough unemployment rates. Those who majored in the arts have an 11.1 percent unemployment rate. While those with degrees in the social sciences have a rate of 8.9 percent.

Futures look grim for some of those students who want to study their passions in college. “People keep telling kids to study what they love — but some loves are worth more than others,” said one of the study’s authors, Anthony P. Carnevale.

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Graduates Go Abroad to Find Work

As a recent college graduate, I am here to tell you: the job market is dismal. Last year, workers ages 16-24 (a generation also known as the Millennials) faced an unemployment rate of 18.4 percent. This is the highest unemployment rate for this age group in the past 60 years. The U.S. Labor Department recently reported that there are four unemployed American for every one new job that becomes available. That’s some pretty tough competition, if you ask me.

So what should recent grads who want to start their careers do? One option is to move back in with Mom and Dad until things improve. In fact, 85 percent of recent graduates are doing just that. By living with their parents, Millennials can reduce their living expenses and focus on reducing the large amount of debt that they probably incurred during college.

Another option will take students far away from their parents’ house. I thought I was being somewhat unusual when I decided to look outside our nation’s boarders for a job, but evidently, that is one of the biggest trends among Millennials. Where are these ex-pats going to start their careers? Many are going to Asia, where they can teach English and learn about a culture that is very different from their own. Japan and South Korea are two very popular options, with high wages and low costs of living luring in many recent graduates.

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Top 10 Locations to Find a Job After Graduation

Image vie Chapel Hill/Orange County Visitors Bureau

Image vie Chapel Hill/Orange County Visitors Bureau

The job market is still a dismal place for college graduates. True, the unemployment rate has not risen past ten percent yet, but that is partly because many people have given up on their job hunt, causing the labor force to shrink. According to Business Week, the labor force decreased by almost 700,000 people  in December 2010. If it had not, the unemployment rate was expected to be 10.4 percent.

What can college grads do to find a job in this tough market? Part of the equation could be moving to a city that is actually hiring people and creating new jobs. What makes these cities the top cities to find a job in 2010?

There are certain locations that have advantages in terms of lower costs, improved access to talent, certain key industry resources, and other factors that help to drive things,” said Kevin Klowden, co-author of the Best-Performing Cities 2009 report.

So where should you move to up your chances of finding a job? Interestingly enough, four of the top ten are in Texas. But if slipping on your cowboy boots every day doesn’t appeal to you, check out the other six options.

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