So, you went off to college to prepare yourself for the workaday world. You are now deeply in debt to the tune of tens of thousands or, maybe, hundreds of thousands of dollars. As you walk through the line to receive your degree, the nation is waiting to give you your graduation "gift." Here it is, wrapped with a big bow.
In April, unemployment among workers under the age of 25 was at 16.1 percent, more than double the national rate.
While the unemployment rate for young college graduates between the ages of 21-24 who are not enrolled in further schooling is 8.8 percent, the underemployment rate, a gauge of those only working part time or who want a job but have given up looking, is at 18.3 percent. The jobless rate for this group was 5.7 percent in 2007; the underemployment rate was 9.9 percent.
Have at it, kiddos. Welcome to the world of underemployment!