In a recent study conducted by the Economic Policy Institute, the authors say labor effects of the Great Recession have “idled” recent graduates. The longest and most severe period of economic weakness has many well-educated young Millenials asking, “Will I ever have the career I want?”
The unemployment rate for college grads has grown to 8.5% -- up 3% from 2007. But even more worrisome, many prospective workers are not even looking. One million potential employees have simply given up, sending underemployment rates spiraling to 16.8%. This trend has a potentially catastrophic effect, not just on these individuals’ futures, but also on the nation’s prospects. Parents, economists and corporate CEOs know: Recent graduates are sitting out years when they should be gaining rich professional experiences, climbing the corporate ladder and growing their salaries, not to mention contributing to the country’s tax base.
There’s another side to this story. Manufacturers say they have jobs a-plenty, but they’re in an industry that doesn’t have the cache of leading technology companies such as Amazon, Google, and Facebook or industry disrupters such as BuzzFeed, Nest and Uber.
More on the talent crisis on IndustryWeek.