Every college student has woken up in a sweat, nauseated by the nightmare of living back at home with their parents. Who is not scared of admitting defeat to the job market, and returning to rely on parental support? The Bureau of Labor Statistics recently released a report that shows the unemployment rate for 20 to 29 year olds with bachelor’s degrees in 2011 was 13.5%. This number is almost double the national unemployment rate. Is the idea of landing a skilled job after graduation a naive dream?

Here at St. Edward’s University, we have the advantage of being located in a generally economically prosperous city. In the Austin- Round Rock- San Marcos area, the overall unemployment rate was a mere 5.4% for February 2013, according to the Bureau of Labor Statistics. Their website also states that of the 840,100 jobs in our local area, the largest private sector is Trade, Transportation and Utilities with 149,700 jobs. Think of the people you see fixing power lines or coming to read your water meter. The next largest sector is Professional and Business Services with 127,300 jobs. Think of the serious types in suits darting across second street to reach a meeting. I know for myself personally, it is pleasant to imagine myself in a cushy office with a desk in 5 years. The stressful truth is that even for college graduates, landing a job is difficult, and landing the dream career, is even harder.

Although a pay check is a pay check, working a job that does not require a bachelors degree even though you have one, is never ideal. This is known as underemployment. According to the Economic Policy Institute, the underemployment rate was a whopping 19.8% at its peak in 2010 and was only slightly less at 19.1% in 2012. They also point out that graduating into an economic recession has long term impact. By accepting lower level jobs after graduating, it is estimated that the Class of 2012 will earn less than their counterparts for up to 10 years.

Barbra Henderson, director of career services at St. Edwards, gave me some information about our students in particular. She wrote,

“It is a fact that close to 70% of our graduating students don’t begin their job search until senior year. With the tight economy these past few years, it takes a good six to nine months to find a career-related job. Other than seeking & finding jobs, our students are attending graduate schools locally, nationally and Internationally in many diverse programs. We also have recently graduated students who are completing post-graduate internships, fellowships, enlisted in military service or have been participating in a year of volunteer service,” Henderson said.

The top industries that recruit St. Edwards students are Non- Profit, Education, Advertising/Marketing, Consulting, Government, Financial ServicesHigh Tech, Communication, and Retail/Wholesale.

It is important, now more than ever, to work hard, make connections, and continue to have confidence in oneself. The job market may be a battle field, but St. Edwards students are equipped with the skills to tackle the challenge.

Unemployment rate of workers under age 25 and all workers, 1969–2012bp340-figureA.png.538.png ¬

Note: Shaded areas denote recessions. Data are not seasonally adjusted.

Source: Authors’ analysis of Current Population Survey public data series

The Class of 2012: Labor market for young graduates remains grim