The Labor Market for Recent College Graduates (2024)

FAQs

Is the job market bad right now for recent grads? ›

The nation's unemployment rate has hovered between 3.4% and 4% since December 2021. The current rate, 4.1%, remains among the lowest in 50 years, which means Zoomer college graduates have strong prospects for getting jobs right out of school and moving up the career ladder.

U.S. unemployment rate of recent graduates 2016-2023

In December 2023, about 4.8 percent of recent college graduates were unemployed in the United States.

Among recent bachelor's degree recipients, 75.2 percent of men were employed, compared with 66.8 percent of women. The unemployment rate for recent college graduates with a bachelor's degree, at 12.3 percent, increased by 3.7 percentage points from the previous year.

Summary. If recent trends continue, California is likely to face a shortage of workers with some college education but less than a bachelor's degree by 2025. State and federal policymakers have increased their focus on boosting educational opportunities for this segment of the workforce.

The job market is extremely competitive, as more and more Americans attain college degrees. Furthermore, employers are requiring unrealistic professional experience for entry-level positions, making it difficult for recent graduates to compete in the job market.

Nearly two-thirds (65%) think recent college graduates lack a strong work ethic, 57% said they have too high salary expectations and 50% said they are entitled. These concerns are dramatically increasing. Over half (51%) said these concerns have grown over the past five years.

After gains in the 1980s and particularly in the 1990s, hourly wages for young college-educated men in 2000 were $22.75, but that dropped by almost a full dollar to $21.77 by 2010. For young college-educated women, hourly wages fell from $19.38 to $18.43 over the same period.

Four years after earning their 2015–16 bachelor's degrees, 74 percent of graduates worked full time, and 7 percent worked part time. Fourteen percent of graduates were out of the labor force, and 4 percent were unemployed.

How about as an entry-level salary? In general, yes. A $75k salary is more than what half of U.S. workers earn, and depending on where you live and your expenses, may be more than enough to live comfortably.

What is a good starting salary for a graduate? ›

This means that, although a graduate salary could start between £18,000 – £23,000, it can rise to £27,000 once you've got a bit of experience. Later on in your career, you could expect to earn between £35,000 – £60,000 a year depending on your role.

Which college has the highest job placement rate in the United States? Quinnipiac University in Hamden, Connecticut, has the highest job placement rate at 96.1%.

Yes, it is common to face challenges when seeking a job after graduation. Searching for a job can depend on a lot of things, especially how quickly the job market can change without notice. Don't fret too much if you are not having much success finding a job immediately after college–you are not alone!

South Dakota, Mississippi, Louisiana and Oklahoma were amongst the states with the biggest exodus of graduates. South Dakota had a -72 percent net loss, -67 percent for Mississippi, with Louisiana and Oklahoma both at -62 percent.

Per the NY Fed, about 41% of recent graduates were "underemployed" as of March — meaning they had jobs that typically don't require a college degree.

What's Next for the Job Market? The postpandemic excesses of the US job market have largely subsided. The frantic search for workers has faded. The job openings rate had soared to 7.2% in the first quarter of 2022 (up from a 4.5% average in 2019) but has averaged just 4.9% in the past three months.

How is the Job Market Right Now in 2024? Although there is still a labor shortage due to open jobs, there has been a steady decline in employees leaving their current job, creating stability in what has been a volatile market.

Labor analysts cite a bifurcation in the current labor market. Demand for jobs that don't require a college degree are outstripping demand for those that do, but recent grads are also fixated on certain positions with too many applicants rather than high-demand roles.

It takes about three to six months for the average college graduate to find a job after college. As of September 2023, the unemployment rate for bachelor's degree holders was 2.2% compared to 4% for those only holding a high school diploma.