Things just might be looking up for college graduates after all. We all know that it has been tough for everyone lately, but what about the hopeful college graduates that are sent off into the world bright-eyed and ready to start their career? Their job hunt is made extra difficult by their lack of experience and workplace knowledge. Plus, with the job market where it is currently, they are forced to compete with more experienced workers for entry-level jobs that were once almost exclusively for them.
However, the Bureau of Labor Statistics reports that the unemployment rate for those aged 20 to 24 with a bachelor’s degree has dropped each month from September 2011 to November 2011. Overall, the rate has dropped from 8.3 percent to 6.2 percent. More specifically, the data shows that the rate of unemployment for this group from September 2010 to September 2011 fell from 9.4 percent to 8.3 percent respectively. From November 2010 to 2011, from 8.5 percent to 7.7 percent and December 2010 to 2011 from 8.6 to 6.2, also respectively.
Right off the bat, this looks like great news for he young adults of our country. However, not to burst the bubble of job hopefuls, it is important to take note of why these rates are possibly dropping. It could possibly mean that between the months of September and December many job seekers pulled the emergency brakes on their job seeking, meaning they stopped looking for a job altogether. If you can remember, last week Spark News published an article that featured editor-in-chief of The Central New York Business Journal Adam Rombel discussing how we must look on these unemployment rates with a skeptical eye. If job seekers stop their job search, they are no longer considered unemployed and, quite frankly, aren’t considered at all. This could cause the unemployment rate to drop significantly as many job seekers halt there job search during the holiday season. Just because the rate has dropped, does not mean things are getting better.
On the other hand, it definitely could mean just that. Increased jobs for college graduates could be the reason the unemployment rate for their group has dropped, which is great news. Young adults all over the country could be getting that entry level job they so desperately seek. If, in fact, this is true then the drop in unemployment rates for those aged 20 to 24 is a great sigh of relief. Perhaps with these statistics, high school students considering skipping college altogether may revisit their decision.