Recent College Grads Struggle As Unemployment Rises | Global News Avenue

Although the unemployment rate has remained relatively stable, recent college graduates have a harder time finding work than others.

According to calculations by the Federal Reserve Bank of New York, The gap between the unemployment rate for all workers and the unemployment rate for recent graduates Continue to expand. Overall unemployment rose in the third quarter, with recent graduates being hit hardest.

From the end of the second quarter to the end of the third quarter, the unemployment rate for all workers increased by 0.2 percentage points, while the unemployment rate for recent graduates increased by 0.7 percentage points.

Unemployment rates for both groups improved around the same time during the initial stages of the pandemic recovery, but began to diverge in the summer of 2022. Economists say when employers cut back on hiring, younger workers are often the most affected as they enter the labor market.

Labor force conditions are likely to improve next year for all workers, including recent graduates

However, employers say workers can enter the new year with more confidence in the labor market, while recent graduates should find it easier to find work after school.

The company plans to hire more of the Class of 2025 next year. A recent survey by the Association of American Colleges and Employers found that hiring will increase by 7.3% compared to the Class of 2024.