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.
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.)