NEW YORK (MainStreet) A new study released this week by the Economic Policy Institute takes a look at the job prospects for students graduating in 2014, and the numbers aren't good.
According to the study, simply titled "The Class of 2014," while employment growth has recovered sluggishly for the nation at large, it has remained borderline catastrophic for young graduates:
"The weak labor market has been, and continues to be, very tough on young workers: at 14.5%, the March 2014 unemployment rate of workers under age 25 was slightly over twice as high as the overall unemployment rate, 6.7%. Though the labor market is headed in the right direction, it is improving very slowly, and the job prospects for young high school and college graduates remain dim."
To make matters worse, the Class of 2014 reminds readers that "unemployed" only refers to recent graduates who are out of work and looking. Young people who graduate but give up looking for work disappear from the radar, and the EPI estimates that there are over a million such "missing" young people.
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Once they are counted, the level of unemployed recent graduates rises to 18.1%, nearly a fifth of a generation out of work.
That current graduates have it rough is common knowledge, even though the knee jerk reaction by many people is to blame this on a so-called culture of entitlement among young Millennials who study soft sciences and expect easy jobs. The solution, however, is not to simply encourage greater participation in engineering according to the study's authors.
"The current unemployment crisis among young workers did not arise, because today's young adults lack the right education or skills," according to the report. "Rather, it stems from weak demand for goods and services, which makes it unnecessary for employers to significantly ramp up hiring."