It can be difficult to find a job after graduating from college, but this year’s class will have an easier time than recent graduates.
“The labor market for college graduates is improving,” according to a new report from the Federal Reserve Bank of New York.
The unemployment rate among college graduates continues to fall — it’s just over 5%, according to the New York Fed — but more important, their underemployment rate — which measures the share of graduates working in jobs that typically don’t require a college degree — is falling as well, reversing an earlier trend. Between mid-2011 and mid-2014, the underemployment rate for college graduates rose while the unemployment rate for college graduates fell.
“While successfully navigating the job market will likely remain a challenge, it appears that finding a good job has become just a little bit easier for the class of 2015,” write authors Jaison Abel and Richard Deitz.
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That’s good news for all college graduates but especially for those burdened by college loans. Their average debt load at graduation is near $30,000, and most will have to begin making payments within six months of graduation, if not before. (Some loans have no grace periods; a few have longer ones.)