Half of American College Grads are Unemployed

[rzetlin]

1 in 2 new graduates are jobless or underemployed
WASHINGTON (AP) — The college class of 2012 is in for a rude welcome to the world of work.

A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don't fully use their skills and knowledge.

Young adults with bachelor's degrees are increasingly scraping by in lower-wage jobs — waiter or waitress, bartender, retail clerk or receptionist, for example — and that's confounding their hopes a degree would pay off despite higher tuition and mounting student loans.

Opportunities for college graduates vary widely.

While there's strong demand in science, education and health fields, arts and humanities flounder. Median wages for those with bachelor's degrees are down from 2000, hit by technological changes that are eliminating midlevel jobs such as bank tellers. Most future job openings are projected to be in lower-skilled positions such as home health aides, who can provide personalized attention as the U.S. population ages.

Very depressing news.

From what I gather the causes for grad unemployment are:

- Old people are not retiring fast enough to have vacant job openings
- Grads are getting degrees that have no use in the job market (E.g. degree in creative writing)
- Demand is outstripping Supply in certain areas of the job market

The few solutions I can think of are:
- Force early retirement from old people to open job openings
- De-emphasis or eliminate non-performing degrees (E.g Arts and Music)
- Offer incentives (scholarships) for degrees where the job market is needed

I doubt any of my suggestions will happen.

Instead the Baby Boomers will have to die off from old age before any recovery will occur.

By that time the College Grads will be in their late 30s or 40s with a large debt and no money.

[Cynic]

Yep. It also helps to be less picky about what field you get into; i.e. suck it up and work a well-paying job you don't really like for the sake of making your living.

If I'm forced to pick a different career just to make more money I'll do it. But not many people have the same mindset as me, sadly. Or it's just a bit too late for them to jump ship.

[Lie]

Sad, isn't it?

Well, I'd rather not be in the medical field either way.

[Bride]

- Grads are getting degrees that have no use in the job market (E.g. degree in creative writing)

I certainly feel sorry for those people

Sad, isn't it?

Well, I'd rather not be in the medical field either way.

NOPE NTY

Glad I picked a useful major. Still pretty scared of my future college debt though :(

[Taycat]

I guess it's a good idea for me to go to college for Business?

[BobYoMeowMeow]

I guess it's a good idea for me to go to college for Business?

to be honest
business is not what the cat would imagine what college would help you with
then again, that's because all the business people the cat knew barely did any college
(but they started their businesses in the 1980s and 1990s)

[ValkyrieHamster]

I guess it's a good idea for me to go to college for Business?

It depends on the type of business degree you get. I myself have a degree in Business Administration with a focus in Information Systems. All of my classes were the standard business courses mixed with a fair amount of technology focused courses. Which basically means I have the education and training to allow me to apply to any job from programming to business development(marketing, project mismanagement, ect etc)

I think another huge factor is location. If you happen to live in an area where there are more companies that match what your majoring you're going to have a much easier time finding work. So if anything depending on whatever you major in, you may have to consider moving to an area that caters to it. Like if you plan on going into Tech of some kind, look into coming to Silicon Valley.

[Taycat]

Bah, I'll probably end up pushing paper for some big business company some day getting paid barely enough to survive.

[Spartaaaaa]

Demand is outstripping Supply in certain areas of the job market

That's because our economy is way too over-regulated. In a free market, supply and demand will always intersect.

[Campylobacter jejuni]

- De-emphasis or eliminate non-performing degrees (E.g Arts and Music)

I can't believe I'm reading this.