The Washington Post reports that recent college graduates are facing increasing challenges in finding workplaces. This trend comes at a time od the major labor market is cooldown, significantly influencing new entrants.
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Key Takeaways
- Job-finding rate for new entrants has significantly declined, highlighting the difficulties faced by recent graduates.
- The employment-population ratio for young adults is decreasing, indicating a tougher job market for the youth.
- Employers are prioritizing experienced workers over fresh graduates, contributing to the job market challenges for new entrants.
According to an analysis by Goldman Sachs of Commerce Department data, the job-finding rate for people who were unemployed in the prior month is significantly lower for new entrants compared to experienced workers. As of the latest data, only 12.6% of new entrants found jobs, compared to 29.1% for experienced workers. This trend showcases the increasing difficulty for fresh graduates to secure employment in their fields.
Becky Frankiewicz, North America president at staffing firm ManpowerGroup, explains,
The employment-population ratio for young adults aged 20 to 24 has also been declining. The U.S. Bureau of Labor Statistics data shows that in May of each year, the ratio has fallen to 64.7%, further emphasizing the difficulties young adults face in the job market. This dip is part of a broader trend affecting new college graduates, making it harder for them to secure stable employment.
Employer Preferences and Economic Impact
Employers are increasingly looking for candidates with substantial experience, as they need individuals who can “hit the ground running,” according to Elle Phillips, who manages a graphic design firm in Boise. Phillips points out,
“There are so many things that require on-the-job training, that kids just don’t learn in school. I can get a lot more done with someone who has already hit their stride.”
Despite these challenges, economists like Harry Holzer, a professor at Georgetown University, believe that the situation isn’t as severe as it was during the 2008 financial crisis. Holzer notes,
Real-Life Struggles
Donald Larvadain, a recent graduate from Nicholls State University, shares his personal struggle:
“My mentors will say, ‘It’s all about connections, it’s about who you know,’ and I’m just sitting there thinking, yikes. I did not get the full college experience.”
Similarly, Priyank Saxena, who recently completed his MBA from Rice University, faced significant hardships during his job search, applying for more than 500 positions before finally securing one. Saxena notes,
“I got an MBA because I wanted to try different things, but that just isn’t possible right now,”
The Main Point
The job market’s current state presents a rather concerning scenario for new graduates, yet there is hope that the solid economy and continued demand in certain industries will eventually help them catch up. Until then, the class of 2024 and beyond may need to push through a challenging path as they step into the professional world.
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