Unemployment rate rose 4% for recent college graduates in 1 year
CHATTANOOGA, Tenn. (WDEF) — According to recent studies, the unemployment rate for recent college graduates is at an all-time high. Recent college graduates’ unemployment rate rose over 4% in the last year.
There are a variety of reasons why this is the case. It has been a domino effect from many people being unable to give up their jobs due to inflation. Job recruiters are seeing a record number of applications, but with nothing to show for it.
“What I can say is from my point of view we get an average of 100 applicants every 24 hours for these roles. And there’s only one job to be filled. All of the candidates are excellent at what they do, but there’s only one job; there can only be one person that gets hired,” said job recruiter Carol Potter.
While certain college students might have a bachelor’s degree in communications or marketing, it doesn’t guarantee they will have a job coming out of college anymore.
Many have stated there have been a couple of hundred applicants for just one entry level job.
“That means on the other end, with the new graduates, there is going to be more people looking for marketing jobs and fewer people looking for engineering jobs. So, that translates to more unemployment. It’s very much supply and demand,” said Potter.
Another ongoing issue is that many people are refusing to retire or pursue other options because of inflation, as there isn’t as much cushion for many people financially anymore. This then leads to less jobs openings for people trying to work their way up the corporate ladder.
“People at higher levels aren’t retiring, and the fewer people that leave the work force at the high end, the fewer roles that are available at the low end,” said Potter.
According to some recent college graduates and people searching for new jobs, they have applied for hundreds of jobs without hearing back. Or they get denied by automated emails. Along with a number of years of experience for an entry level position.
As the job market remains a struggle for young adults in certain fields of work, it is unsure when or how this will change for the upcoming future.
