Congratulations to all the new graduates of 2013! The good news is, you probably won’t be unemployed forever, despite what you may have heard in some of the more hysterical media reports. According to the New York Times, college grads are doing pretty well in this tough economy. College graduates have a lower rate of unemployment — 3.9% vs. the 7.5% for workforce as a whole.
The not-so-good news? Your first job might outside your degree field. Or a job that traditionally didn’t even require a degree. The job market has improved from the nadir of the recession, but most of the new jobs are low-skilled work. From The Times:
There is ample evidence that employers are hiring college-educated workers for jobs that do not actually require college-level skills — positions like receptionists, file clerks, waitresses, car rental agents and so on.
‘High-skilled people can take the jobs of middle-skilled people, and middle-skilled people can take jobs of low-skilled people,’ said Justin Wolfers, a professor of public policy and economics at the University of Michigan. ‘And low-skilled people are out of luck.’
Starting to regret the time and money you spent on that degree? Don’t — a college degree still pays off in the job market. You can expect to earn about 80% more than workers without a degree. So, despite the calibrated expectations and flexibility needed to navigate this job market, your education was still worth the investment.