Sunday, December 13, 2020

The Class of 2020 Looks for Work

Months after graduating into one of the most challenging job markets in generations, many are still searching for that first gig. Few openings emerge in retail or marketing; there are bright spots in tech.

By Ellen Byron of The WSJ. Excerpts:

"This spring, when many were graduating from college, unemployment for 20- to 24-year-olds was above 20%, according to the Labor Department, compared with the low teens for all age groups."

"Not since the Great Depression have so many young adults lived with their parents. In July, 52% of young adults ages 18 to 29 years old resided with one or both of their parents, surpassing the previous peak in 1940, according to a Pew Research Center analysis of Census Bureau data."

"Employment prospects for the Class of 2020 vary greatly depending on the job sector graduates are in. Insurance, scientific research and information technology are hiring and young people in those sectors are finding work. Small to midsize computer-services companies said they expect to hire 70% more new graduates this academic year over the year earlier period, according to the Michigan State study, and scientific-research companies said that hiring will be up 20% over the same period.

Meanwhile, those seeking jobs in retail, travel and the leisure and hospitality industries are having a much tougher time. The Michigan State study found that advertising, marketing and public-relations companies say hiring will be down 15% this year."

"One increasingly popular option for members of the Class of 2020 who can afford it: putting off the job search by staying in school. Suzanne Ortega, president of the Council of Graduate Schools, says many of the approximately 500 colleges and universities who are members of her Washington, D.C.-based organization reported “healthy” increases in enrollment as early as this past summer."

Related posts:

Historically, college students who graduate into a recession have settled for lower-paying jobs at less prestigious companies

Has The Recession Been Hard On College Graduates?

How Recessions Affect Young People

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