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College Grad Unemployment Just 5%

Roger_DooleyRoger_Dooley Founder Posts: 106,392 Senior Member
When the national unemployment rate is at 9%, and 18% of those lacking a HS degree are looking for work, college grad unemployment is a mere 5% according to the latest stats:

Landing a job: It's about location and education - Business - Eye on the Economy - msnbc.com

So, if you are Bill Gates or Michael Dell, feel free to bail out early or skip college altogether; otherwise, get that degree!
Post edited by Roger_Dooley on

Replies to: College Grad Unemployment Just 5%

  • netthreatnetthreat Registered User Posts: 188 Junior Member
    It deserves a bump....
  • soccerguy315soccerguy315 Registered User Posts: 7,245 Senior Member
    how many are underemployed?
  • 311710rvmt311710rvmt Registered User Posts: 97 Junior Member
    What about incomes? I am not an economist, but some of the college grads I know are now under-employed. They have a job, but one they are overqualified for. College is now what high school used to be 50 years ago, a semi-mandatory requirement. Also, these statistics ignore the problem of college debt.
  • riku92mrriku92mr Registered User Posts: 297 Junior Member
    "If you're looking for a job with state and local government — think teachers, police officers, sanitation workers, etc. — your prospects continue to worsen. Budget cuts eliminated another 30,000 state and local government jobs in February. Since peaking in Sept., 2008, local governments have cut 377,000 more jobs than they created. "

    I love how backwards our nation is.
  • bookmama22bookmama22 Registered User Posts: 2,087 Senior Member
    My older d graduated in 2007 and has a Masters degree in her field which is a terminal degree in her field. My younger d graduated in 2010. With the exception of those in MA/PhD programs or in law school, med school or now in nursing school, the only ones who have jobs in which they are not underemployed are nurses or in finance/investment banking. My older d is an adjunct faculty at the school where she received her graduate degree and is the youngest adjunct in the history of the school. She works p/t a a cultural institution at an Ivy League University in the same city. She can just about support herself for rent and food and not much beyond that-there are no benefits with either job except perhaps library privileges. My younger d had an internship in her field where she earned $100 a week. She along with all her friends are either babysitting, waitressing, working in bookstores, coffee shops, health clubs, yoga studios and so on..not one with any jobs with benefits other than those working in parent's businesses. ....
  • Idiosyncra3yIdiosyncra3y Registered User Posts: 1,004 Member
    Same problem the world over. High school degrees/diplomas are becoming useless...
  • mariomaniacmariomaniac Registered User Posts: 62 Junior Member

    Well, taken alone, yeah, but you need one to be admitted to college :) (unless you're opting for early college, etc...)

    Of course, whether or not high school is necessary is debatable.
  • saketmsaketm Registered User Posts: 401 Member
    Definitely one of the 5%. I know a lot of people working at stores/shops/restaurants after a degree. THAT is not employment.
  • MmeZeeZeeMmeZeeZee Registered User Posts: 490 Member
    Mrs. Jenkins tells the interviewer that her daughter, Katherine Marie, was thinking about looking for work in the prior 4 weeks but knows of no specific efforts she has made. Katherine Marie does not meet the activity test for unemployment and is, therefore, counted as not in the labor force.

    How the Government Measures Unemployment

    I suspect a lot of recent graduates will be "not in the labor force" if their parents answered for them, or if they are not experienced with looking for employment as a full-time job.

    I also agree that under-employment is probably a lot higher among the youth because unlike for workers with families, it is still profitable to take low-wage work. Older workers with children at home actually lose with some of those jobs because of the cost of child-care and commuting. Only people without child care costs can do it.
  • ExengineerExengineer Registered User Posts: 44 Junior Member
    Bachelor's degrees are becoming what a high school diploma was 35 years ago, just a starting point, nothing special. A BS or BA is now like going to Grade 13, 14, 15, 16 and doing four more years of high school. If you are not absolutely certain to get a Master's degree, I don't recommend going to university at all. It's a bloody waste of time, effort and money.
  • VyseVyse Registered User Posts: 1,875 Senior Member
    There are a lot of generalizations being made here, and there a lot of people with master's degrees that have low paying jobs too. Yeah, there are situations where going to college may not pay off, but there are still situations where it definitely will. This would be my hierarchy of options:

    1) Go to an Ivy League school and study anything you want
    2) Go to a flagship state school and study engineering
    3) Go to a flagship state school and study finance/accounting/information systems. Or hard sciences/maths.
    4) Go to a good non Ivy private university and study the subjects listed above. This option is better if you can avoid taking out too many loans.
    5) Go to a flagship state school and study liberal arts

    If you don't do any of those things-you choose an expensive school, one without a great reputation, take out loans to pay for it, and study something that doesn't teach you a specialized skill--then yeah, you're gonna have trouble finding a job.
  • beard taxbeard tax Registered User Posts: 247 Junior Member
    I think that an Ivy League education is overrated in many regards. The major advantage, in terms of career prospects, that an Ivy League school has is in the financial services industry. Investment banks simply don't recruit from the majority of undergraduate business schools and instead focus on Harvard, Princeton, Columbia, Dartmouth, etc.

    I think that your major and what you study are much more important than where you study. Look at the survey reports for the major universities. Approximately 20-30% of Princeton and Columbia students are unemployed. Investment Banking/Consulting/Teach for America are the most active employers. The Ivy League is a feeder for the financial services but are lousy at engineering. There are huge benefits for top students in terms of medical school and law school admission, but the average Ivy League student may have been better off being a big fish in a small pond, as the saying goes.

    My personal ranking for employability would be:
    1) Engineering/CS Degree at a good engineering school
    2) Any major at an Ivy League school with a bent toward financial services/consulting
    3) Accounting or Finance at a top business school

    I think that studying the liberals arts is a waste of society's resources. During the financial crisis, the most toxic asset class was student loans. A college education is becoming more of a commodity and the difference between a secretary who studied Russian and a secretary who only graduated high school is marginal, and not worth 4 years of time and thousands of dollars in loans. College is more of a signalling mechanism to potential employers rather than a training ground. However, a college education is beneficial in non-quantifiable respects but the question is whether the government (i.e. taxpayer) should be footing the bill.
  • willmingtonwavewillmingtonwave Registered User Posts: 3,344 Senior Member
    Colleges are very deceptive about those numbers. At first, my college considered me "employed" because I managed to get a temp job over the summer.

    I completely disagree about the liberal arts. I wrote this article for College Thrive a while back, but I think it is worth reading:

    Why the Liberal Arts are Not Such a Bad Investment CollegeThrive
  • beard taxbeard tax Registered User Posts: 247 Junior Member
    willmingtonwave, I agree that a liberal arts education or any education at that rate will train the mind better and improve one's intellectual capacity. That said, I don't know if it translates into a happier life or that much more of a well-informed citizen. Anyways, shouldn't the public education system be taking care of brain...er....educating the public about government and history? Teaching us all that good stuff such as a bicameral legislature being the best form of legislative body, especially when you need to allocate pork to some senators in Wyoming to buy their vote. I digress.

    My argument is whether government (tax payer)-backed student loans should be used to finance an education, especially when many students enter college because they don't know what they want to pursue in their lives. No offense, studying a language or English for most people isn't going to give them that much direction, more so buy some time to explore.

    In an ideal world, all students would go to college, we citizens all get free healthcare, and work 20 hours a week, living in a beach front house. The question is whether society has the resources to pay for this. Since the private market for student loans has collapsed, it's time to question whether the benefits of an education are worth the costs.

    I'm a big fan of pragmatism. I'm all for a well-informed citizen with intellectual curiosity, but is 4 years of college going to change 12 years of public education? More importantly, is the education going to put food on the table and pay for the costs incurred during 4 years of college?
This discussion has been closed.