Jobs and unemployment: Why young graduates may fare worse – MSNBC

by | Aug 26, 2022 | Jobs

When Cache Roberts graduated from Miami University in May of 2021 with a bachelor’s degree in media, culture, and English professional writing, she never expected to be out of a full-time role just 16 months later. She has since applied to dozens of content creation jobs and tried freelancing with the hopes of landing something more permanent.“I’m applying to roles pretty often, like every day. But I always get to writing assessments or third interviews and then get nothing back. It’s really discouraging,” said Roberts, 23. “…It’s just difficult to land something full time with benefits and a salary.”Roberts, like many other young, recent graduates, are having a hard time getting hired. While job gains across the country remain strong — over 500,000 jobs were added in July — the numbers for recent grads tells a different story. According to the Federal Reserve Bank of New York, unemployment rates for recent graduates are higher than the national average of all workers. In June of this year, unemployment rate for this demographic was 4.1 percent, compared to 3.5 percent of all workers in the U.S.Cache Roberts, 23, is a content creator who is currently seeking employment.Loreal Diane / Photos By Loreal DianeWhile a 0.6 percent gap may seem small on paper, it’s quite significant, according to experts, including gender economist and CEO of Pipeline Equity, Katica Roy. “Closing that 0.6 is important, specifically to tame inflation and economic growth. We all benefit with more people in the workforce, especially now where there are two job openings for every one person.”The data also showed that in the last few months, while the national average unemployment rate has improved, that of recent college grads has worsened. This trend predates the pandemic. Since 2018, there have been higher unemployment rates among young college grads relative to the overall population.This could be happening for several reasons. “Similar to 2018, the labor market is tight and recent college graduates are competing with all workers, instead of benefitting from degree requirements put up by employers,” Joelle Gamble, chief economist at the U.S. Department of Labor said. “There’s some evidence that employers have been relaxing or eliminating degree requirements in order to attract workers. The labor force participation of recent college graduates could be increasing as more of them look for work — now that they are out of school.” While that doesn’t explain the 2018 trend, it could explain the jump i …

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