WASHINGTON (AP) — The college class of 2012 is in for a rude welcome to the world of work.
A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don't fully use their skills and knowledge.
Young adults with bachelor's degrees are increasingly scraping by in lower-wage jobs — waiter or waitress, bartender, retail clerk or receptionist, for example — and that's confounding their hopes a degree would pay off despite higher tuition and mounting student loans.
An analysis of government data conducted for The Associated Press lays bare the highly uneven prospects for holders of bachelor's degrees.
Opportunities for college graduates vary widely.
While there's strong demand in science, education and health fields, arts and humanities flounder. Median wages for those with bachelor's degrees are down from 2000, hit by technological changes that are eliminating midlevel jobs such as bank tellers. Most future job openings are projected to be in lower-skilled positions such as home health aides, who can provide personalized attention as the U.S. population ages.
Taking underemployment into consideration, the job prospects for bachelor's degree holders fell last year to the lowest level in more than a decade.
"I don't even know what I'm looking for," says Michael Bledsoe, who described months of fruitless job searches as he served customers at a Seattle coffeehouse. The 23-year-old graduated in 2010 with a creative writing degree.
http://news.yahoo.com/1-2-graduates-jobless-underemployed-140300522.html
This is everything I've been saying for a couple years now.
Now it's easy to say "they should all be studying medical" or "they should all be engineers" but at the end of the day, we need *millions of somewhat middle class white collar jobs* in this country. Those kinds of jobs are falling away, due to offshored backoffice work and tech-enabled efficiency / automation. It's not glamorous, but bank teller used to be a job college graduates could do and there was some opportunity to move up. ATMs cut teller jobs way down obviously, and in recent years people just bank on the internet.
Other than the ATM I rarely go to my bank at all. I just have no reason to, I can do it all over the internet.
Not all jobs can be engineering jobs, we need an economy with a lot of a good jobs that a decently educated / intelligent person can do and at least make enough money to pay rent on an apartment -- working as a waiter or Walmart cashier or other retail clerk, it doesn't even pay rent.