http://blogs.wsj.com/economics/2013/03/30/number-of-the-week-college-grads-in-minimum-wage-jobs/?mod=WSJBlog&mod=marketbeat
This article talks about how there are many graduates that are working minimum wage jobs and that this issue might not improve after the economy improves. "According to the Labor Department, there were 284,000 graduates—those with at least a bachelor’s degree—working minimum-wage jobs in 2012, including 37,000 holders of advanced degrees. That’s down from a peak of 327,000 in 2010, but double the number in 2007 and up 70% from a decade earlier." These are very disheartening statistics for current college students who are working hard day after day and paying top dollar for their degrees. After reading this article I reread it hoping I missed some catch but apparently not. I guess the lesson for us is to get started now. Start networking, interning and becoming best friends with with the kid down the hall who's dad is the CEO of Coca-Cola.
Interesting but I think a lot of it has a lot to do with the 2008 crisis. Transfer payments and social securities were hampered, hence the older people who should be retiring at this point, clearing the way for us cannot afford to retire. As the economy recovers, the US will return to its regular business cycles until the next recession, sometime in the 2030's.
ReplyDeleteI think this true but also believe that the types of degrees those people in the minimum wage jobs graduated with is a big factor as well. Only 37,000 of the 284,000 have advanced degrees. All in all the number is down from 2010 so we are only witnessing the beginning of the job market's comeback from the most recent recession and housing market crash.
DeleteI do not believe that people should buy into this much. I would like to see what kind of majors these people graduated with. Recent data shows that college graduates are doing quite well and making good money. You can not go to school and do nothing and get a dead end degree and expect to get a top paying job.
ReplyDeleteThis article seems to suggest that having a college degree is the new status quo. Are college students going to need to get an advanced degree to have a leg up in the job market or is this more of a temporary problem due to the recession?
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