Spotlight Online for College Employment and Recruiting Professionals, October 28, 2009

Spotlight Online for Career Services Professionals, October 28, 2009

The unemployment rate for individuals with bachelor’s and advanced degrees swelled to nearly 5 percent in September, according to data released this month by the U.S. Bureau of Labor Statistics (BLS). That’s nearly double the unemployment rate of 2.6 percent for individuals with college degrees in September 2008.

“The growth in the unemployment rate for people with college degrees is particularly disquieting,” says Ed Koc, NACE’s director of strategic and Foundation research. “The rate for these individuals typically is under 4 percent.”

While the unemployment situation for recent college hires may be particularly high in this recession, Koc points out that there are no direct numbers from the BLS that quantify the current situation against previous recessions. However, several data points help to clear the view.

First, Koc says that the unemployment rate for college graduates of 4.9 percent is the highest recorded by the BLS (although, he notes, this data has been tracked only since 1992). Second, the unemployment rate for individuals ages 25 to 29 is 11 percent—even higher than it was in 1982 when unemployment last reached the current levels.

“While the combination of these numbers suggests that this may be the most difficult labor market for recent college graduates since the Great Depression, preliminary results from NACE’s recent quick poll indicates a somewhat better picture than what we saw in August/September,” Koc says.

NOTE: NACE recently began conducting periodic quick polls to assess the job market. Final results from NACE’s first quick poll will be reported in the November 11 issue of Spotlight Online.