NY Times: Jobs and the Class of 2010

Jobs and the Class of 2010
Published: May 21, 2010


Commencement is supposed to be filled with hope, but for the class of 2010, these are grim times. Over the past year, the unemployment rate for college graduates under age 25 has averaged 9.1 percent. For the roughly half of high school graduates under 25 and not in college, the average is 22.8 percent.

Worse, a deep labor recession, like this one, may be more than a temporary hardship. It could signal a long-term decline in living standards — downward mobility.

Where you start out in your career has a big impact on where you end up. When jobs are scarce, more college grads start out in lower-level jobs with lower starting salaries. Academic research suggests that for many of these graduates, that correlates to overall lower levels of career attainment and lower lifetime earnings.

Tough times for college grads mean even tougher times for high school graduates, because fewer jobs mean more competition from college-educated workers. In the past year, 59.5 percent of young high school grads on average had a job, compared with 70.2 percent in 2007.

The pat answer is that college students should consider graduate school as a way to delay a job search until things turn around, and that more high school students should go to college to improve their prospects.

For many undergraduates, especially those with large student debts, graduate school would be prohibitively expensive. And while more than half of this year’s high school grads are expected to be enrolled in college in the fall, most will have to work to help pay the bills. For them, college is not a retreat from a bad job market; a bad market is an obstacle to a college degree. ............(more)

The complete piece is at: http://www.nytimes.com/2010/05/23/opinion/23sun1.html?hpw