Class of 2010 Set to Flood U.S. Labor Market as '09 Graduates Wait Tables

College Grads Flood U.S. Labor Market With Diminished Prospects
By Mike Dorning


May 19 (Bloomberg) -- Ten months after graduating from Ohio State University with a civil-engineering degree and three internships, Matt Grant finally has a job -- as a banquet waiter at a Clarion Inn near Akron, Ohio.

“It’s discouraging right now,” said the 24-year-old, who sent out more than 100 applications for engineering positions. “It’s getting closer to the Class of 2010, their graduation date. I’m starting to worry more.”

Schools from Grant’s alma mater to Harvard University will soon begin sending a wave of more than 1.6 million men and women with bachelor’s degrees into a labor market with a 9.9 percent jobless rate, according to the Education and Labor departments. While the economy is improving, unemployment is near a 26-year high, rising last month from 9.7 percent in January-March as more Americans entered the workforce.

The graduates’ plight has been the subject of high-level discussions within President Barack Obama’s administration, which so far has concluded the best response is to focus on reviving overall employment and bolstering assistance for higher education, said Peter Orszag, the White House budget director.

“What’s clear is that there is harm to those who graduate at the wrong time through no fault of their own, which is one reason why it is so important to improve the jobs market,” Orszag said. “That is the bottom line here.” ...........(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601109&sid=a8f9A4GYLECE&pos=14

First, The value of higher education is continually validated. This new skill set, that new skill set, be competetive etc. For most, not all, college education is a means to an end. In my opinion most degrees are no longer relevant in this job market, and the colleges are making a killing, for the mantra: "You have to go to college". Germany and Japan have systems wherein high school educations are closely linked with the private sector and specific companies that will hire these graduates. Our vocational training programs in our high schools are minimally effective at best. I spent the last four plus years of my Army career as a Recruiter. Most prospects,when asked what their primary goal was, would answer college. When questioned further (what, why, why)it usually would turn out, that they personally didn't know why they wanted to go to college, but that it was expected of them. Secondly, several that were attending junior colleges were completing programs that would not get them a job in their desired field. For example, a young man or woman who wanted to be a cop, corrections officer, CSI, etc. that had a rap sheet. Why didn't the counselors ask the all important questions that would keep Joe or Josephine from wasting a few years and several thousand dollars? That said, it seems like the trades are the only really viable option right now, HVAC, Welding, Technical Drafting etc. Our education system is not fulfilling that for which it was intended in large part, other than enhancing personal development and critical thinking skills. Conclusion, focus on jobs jobs jobs, and not penny ante temp stuff like census workers. Translation... invest some real funds, infrastructure, etc.

Second, until we resolve our lacking manufacturing base and lack of new industrial development, we will continue to be over reliant on the defense industry as an employer. It's not right that many are forced to consider the military, only because they have no other options. That is like a de facto draft. It's a problem when a graduating senior can be offered a 40k bonus based only on initial entry qualifications without ever having been evaluated in the world of work, especially when they cannot secure an 8.00 an hour job. Three Washington DC area counties including Louden are in the top 10 richest now. Why? Defense contracting, lobbyists, etc. The professional job market is stilted, because an overpopulation of the best and the brightest are forgoing medical and engineering careers for the financial sector. Why? That is where the money is. There are many systemic problems that need to be addressed for a long term fix to our employment crisis. It won't be solved with high level meetings and studies, it will be solved by politicians that realize this must be our top priority now, and that piece meal allocations for talking points won't cut the mustard.

because restaurant business is down across the board, especially in places that use servers.

There really isn't much out there except going back home to the kiddie room at Mom and Dad's and that can be soul destroying for a lot of people.

At least retail is starting to pick up a little.