According to the Federal Reserve Bank of New York, the national unemployment rate for recent graduates is 3.7%, just a little below the overall unemployment rate of 3.8%. The job market for new graduates had significantly shifted in recent years, especially since 2011, when the unemployment rate for college graduates reached a whopping 7.1%.
Unless students decide to further their education or pursue other goals post graduation, many new graduates begin job hunting as soon as they obtain their degrees. Today's graduates are in luck because the current job market for them is the best it's been in years. With unemployment at the lowest rate it's been in 50 years, employers find themselves on a constant search for new hires, often competing for skilled workers.
Now that there's a plethora of emerging opportunities, here are some things to keep in mind as you navigate the job market—whether as a recent grad or as a candidate already on the job hunt for some time.
The current job market has substantial opportunities for many.
No matter what you studied in college, today's job market has a world of opportunity for every major. There is widespread demand for workers in various fields as employers actively search for skilled candidates nowadays. Graduates with a degree in engineering (specifically, mining and chemical engineering), computer science, and finance can expect to find high-paying jobs in their field of expertise.
But job hunting can also be difficult in some fields.
Although the job market is in a relatively good position today, this doesn't mean every industry is experiencing an influx of opportunities. In recent years, the worst oil bust experienced in a generation has affected tens of thousands of employees in the energy industry, leaving many without work.
College graduates felt these effects as well, with many unable to secure employment in Houston's engineering field. When the oil bust was in full swing in 2015 and 2016, Houston lost approximately 75,000 jobs. Today, only one-third of these jobs have returned to the market, making it difficult for graduates and others in the job-hunting process to secure employment in this domain.
High student debt is also a major concern for those entering the job market.
As college tuition increases, wages have remained stagnant throughout the years. This has been troubling for graduates whose accrued debt has prevented them from seeing a return on investment on their degrees.
In 2018, student loan debt increased by $79 billion, reaching a total of $1.46 trillion, according to the Federal Reserve Bank of New York. While there's a significant increase in student loan debt, the median salary for graduates has remained at $44,000 for the past 20 years.
A college degree isn't what it used to be.
In the past, college degrees weighed heavily on an employer's decision to bring someone into their team. This is partly because not everyone could attend college before. With more and more people graduating from college, however, today's employers tend to lean toward candidates with more work experience rather than higher education. This makes it more difficult for those with graduate degrees to land their first job.
Overcoming the obstacles of maneuvering the job market can be challenging, but Infinity Consulting Solutions (ICS) is here to help. No matter what you studied in college, ICS is dedicated to helping you find the perfect fit and be hired after graduation. Click below to begin job hunting with us today.