While the unemployment rate for college graduates ages 22 to 27 fell to 5.6 percent in 2013 from 6.4 percent at the recession’s peak in 2009, many are taking jobs not requiring a college degree, according to a Bloomberg News analysis yesterday. Among 22-year-old degree holders who found jobs in the past three years, more than half were in roles not requiring a college diploma, said John Schmitt, a labor economist for the Center for Economic and Policy Research in Washington, D.C. “While graduates today are more likely to get jobs, they’re unlikely to get a job that they are qualified for or in their area of expertise,” said Kevin Scott, an Atlanta-based consultant who works at the Addo Institute. “Because it’s such a buyer’s market for employers, they get graduates who will work for less money and for more hours.” Young people are also getting off to a slower start as they are delaying homeownership and some big-ticket purchases because of student debt and underemployment. Student-loan borrowers retreated from home buying in 2013 for the second year in a row, the Federal Reserve Bank of New York said last month. Young adults without student debt have a net worth that’s seven times higher than those who do, a report from Pew Research showed.
http://www.bloomberg.com/news/print/2014-06-05/college-graduates-strugg…
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