Smart. Sharp. Funny. Fearless.
Thursday, October 27, 2016

New Study: 2014 Graduating Class Faces Extremely Tough Job Market

In June 2009, the U.S. economy stopped its downward slide and began expanding, effectively ending the “Great Recession.” But with meager expansion of the U.S. economy over the past five years, young people and recent college graduates looking to enter the workforce are increasingly disadvantaged.

These were among the issues raised in a recent paper by the Economic Policy Institute, which sought to measure the disproportionately disadvantaged situation recent college graduates are in due to the economic downturn. Importantly, the study notes there is nothing specifically linked to the Great Recession that puts young people at a disproportionately high disadvantage in today’s job market. Rather, the study explains, young people always suffer special difficulty during periods of economic downturn. The “Great Recession” happens to have had an extremely harsh effect on the young because of its length and the anemic economic recovery in the aftermath.

The study reads: “Unemployment of young graduates is extremely high today not because of something unique about the Great Recession and its aftermath that has affected young people in particular. Rather, it is high because young workers always experience disproportionate increases in unemployment during periods of labor market weakness—and the Great Recession and its aftermath is the longest, most severe period of economic weakness in more than seven decades.”

Furthermore, the number of unemployed and underemployed young people has decreased since the recession ended, but has not returned to pre-recession levels. “For young college graduates, the unemployment rate is currently 8.5 percent (compared with 5.5 percent in 2007), and the underemployment rate is 16.8 percent (compared with 9.6 percent in 2007),” the study notes. These numbers for high school graduates further increase: “For young high school graduates, the unemployment rate is 22.9 percent (compared with 15.9 percent in 2007), and the underemployment rate is 41.5 percent (compared with 26.8 percent in 2007).”


Click here for reuse options!
Copyright 2014 The National Memo
  • paulyz

    The “Great” recession “officially” ENDED in 2009. Now, over 5 years later, with Obama in complete control, with 2 of those years complete control of the Congress, as well as Bush’s last 2 years, they still blame others for everything. A leader fixes problems, not blame others or circumstances. Plus, Trillions were spent & many conditions are worse, or the same.

    • Allan Richardson

      Obama in COMPLETE control? He only controls the Executive Branch, and Democrats have a slim majority in the Senate, enough to STOP the WORST Republican moves to get through the idiot House, but NOT enough to get good ideas (or PEOPLE) through the Senate without help from a few Republicans. Every time he has tried to get a job creation bill through the House, they either vote it down or refuse to allow it to come to a vote, even when a majority combined from both parties would have passed it.

      The members of the gerrymandered House, each of whom was voted in by a LOCAL majority of Republican voters, refuse to pass bills that the majority of American people (70+ percent in some cases) favor, and even a majority of Republican voters. One example is raising the minimum wage.

      In the 1930s the Nazi excuse for killing Jews was that they exerted “complete control” of the worldwide banking system. The GOP lie of Obama being a “dictator” or having “complete control” is just as obviously false. Even when federal agents are COMPLETELY justified, and polls show the MAJORITY of voters agree (when they are told the real facts), such as Cliven Bundy’s attempt to get out of a contract with the federal government by assembling his friends into an ARMED MILITIA, Obama’s consideration for the other side of the aisle holds him back.

      Complete control, my *

    • jmprint

      Wasn’t it great that our President Obama did not allow us to go into a depression? Luckily for you and me Democrats took over and we only have to deal with a recession.

  • greghilbert

    This article perpetuates the lie that the economy is improving. ALL of the wealth on which that lie is predicated is going to the already wealthy and well off.
    This article also perpetuates the lie of unemployment statistics. In the just-released report, 288,000 jobs were said to have been created and the unemployment rate was reported to have fallen 0.4 percentage points.
    Never mind that most of those jobs were minimum-age, temporary, and benefitless, and many were not full time. Never mind that the number of people reaching working age had increased by over 100,000, and faced increased competition from more immigrants with and without work visas. Never mind that even the false unemployment rate fell only because 800,000 MORE citizens ceased reporting themselves looking for work!

    The article neglects to mention that student debt has exploded to over 1.3 TRILLION and continues to climb at an alarming rate.

    The article reports that there’s nothing special about what the young are facing, that it’s always this way when the economy is weak. This perpetuates the lie that this bad state of affairs will eventually end.
    It won’t. Wealthy corporatists have gained control of govt and every policy in place and being contemplated spells a worsening situation for our children and grandchildren.

  • sigrid28

    I HAVE A JOB FOR EACH OF THEM: Take a course in citizenship and grassroots political activism. Promote candidates who will improve the economy if they win their seats in the 2014 election this November, candidates who will raise the minimum wage, level the playing field in employment for women and minorities, and support policies to lessen economic inequality nationwide. If these candidates win, many 2014 graduates will find themselves employed in 2015. By the way, the government extends loan deferment for three years, based on income and continuing education.

  • Al Egro

    Since the liberty used by a few can be more useful than that all can use, restricting liberty to only that which all can use is a mistake.