At the same time, the politicians and news media are trying to paint a rosy picture of how the economy is improving. They cite that an average of 200,000 new jobs are being created monthly. This translates into 2.4 million new jobs per year.
But, when we compare the number of graduates who will be entering the workforce to the number of jobs being created, we find a net difference of only 200,000 to 900,000 new jobs over the year.
The problem facing young graduates is the pure size of those graduating all at once. Of the total 1.5 to 2.2 million looking for work, only 200,000 jobs will be available in any one month. That leaves a large number who will not be employed right away. A Townhall article cites that only 16% of those graduating from college this year have already landed a job. That translates into 240,000 to 352,000 with jobs, which represents between 1 and 2 months of employment gain.
Making matters worse for the new graduates, is the fact that there is approximately 8 times more people who are currently unemployed and competing for new jobs (i.e. 10 to 12 million people).
Thus, at a time when jobs are hard to find, the new graduates only compound the unemployment situation. Using the current economic growth rate, it will take more than 10 years before everyone is absorbed into the workforce.
But, there are certain things that college graduates and others can do to improve their chances of finding a job. First, and foremost, is to consider moving to a region of the country where jobs are available. Several states where unemployment is lower than the national average are: Iowa, Minnesota, Wyoming, Kansas, Hawaii, Vermont, New Hampshire, Nebraska, South Dakota, North Dakota, Texas.
While many graduates and their parents want their sons and daughters to remain home, very often there are not too many jobs available for those with your education. However, if you are willing to move, you may find that your specialty is in need somewhere else.
Now is the time for young graduates to make the move. Think of it as travel, an adventure. As a young person, you may not be tied down with a spouse or children. Second, you have a chance to get away. Third, if it doesn't work out, you can always move back home again.
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| Everything’s Bigger in Texas…Except the Unemployment Rate |
Sources:
- Poll: More Than 40 Percent of College Grads are Underemployed…
- U.S. Adds 165,000 Jobs, Unemployment Rate Dips
- How many college students graduate every year?
- Unemployment Rate Down As Americans Give Up On Work
- Real Unemployment Rate: 5.5 Million Young People Are Out of Work, in a Major Crisis For the US
- 10 states with ridiculously low unemployment
- Unemployment Rates for States (Bureau of Labor Statistics)
