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- The real Unemployment Picture is well over the 8.3% or so that the official government statistics claim. Here is just one example why and an important fact at that...

80% of College Grads, 2009 alone, Without Job- Unofficially Un-employed

- Approximately 2,774,008 million college and university graduates in the United States this year (1), if not likely more (See report stating that 2009 saw a record number of graduates.) are seeking meaningful work as we are here. When you take the recent figures showing that 80% are not able to find a job thus far this year (2), then you have 2,219,206 million (That's right, more than TWO MILLION) educated, recent college grads, with loans to re-pay and the likes, also without a job.

They *do not* however show-up in the U.S. official unemployment figures (as those who do not, or cannot claim benefits anymore, as do those whom are self-employed also do not show up, etc). That is why this chart, which we outlined here in this article on May 2009 true unemployment figures, is likely very accurate, at least the one towards the 20% end of the range:

Chart of U.S. Unemployment

The USA Today reports that, "Student loan defaults are at their highest rate since 1998, and likely will go higher. (4)" Thus, the effect of these unemployed is also quite significant to the overall economy. Here was the recent study about how tough it is for college grads this year, courtesy of the National Association of Colleges and Employers (NACE):

BETHLEHEM, PA—The 2009 crop of college graduates is stepping off campus and into the “real world” with fewer jobs in hand than their 2008 counterparts, according to a new report from the National Association of Colleges and Employers (NACE).

NACE’s 2009 Student Survey shows that just 19.7 percent of 2009 graduates who applied for a job actually have one. In comparison, 51 percent of those graduating in 2007 and 26 percent of those graduating in 2008 who had applied for a job had one in hand by the time of graduation.*

Interestingly, fewer 2009 graduates sought out jobs than their predecessors. Approximately 64 percent of the Class of 2007 and two-thirds of the Class of 2008 had started looking for a job by this time.

In comparison, “just 59 percent of this year’s class has started the job search,” says Marilyn Mackes, NACE executive director.

This may be due, in part, to considerable attention to the increase in nationwide unemployment, the global financial crisis of recent months, and the impact of these developments on the recruitment and hiring of new graduates by specific industries.

Data indicate that among specific majors, engineering and accounting graduates are more likely both to have started their job search and to have a job in hand. They are also more likely to accept an offer they received. Additionally, the study shows that liberal arts majors were more likely to turn down the job offers they received.

Salary may have played a role in acceptance of job offers.

“On average, engineering graduates expect to earn an annual starting salary of approximately $62,000, while accounting majors expect to earn an average of about $45,000,” says Mackes.

Those expectations match up fairly well with the reality. In a separate survey, NACE has found that salary offers to engineering graduates average more than $58,000, while the average offer to accounting graduates exceeds $48,000.

Despite the lack of jobs, “most respondents say they expect to enter the job market. Surprisingly, at this time we do not see a strong indication of increases in the number of students planning to go to graduate school,” says Mackes.

Approximately 24 percent of Class of 2008 graduates reported plans to forego the job market in favor of graduate school, while approximately 27 percent of those graduating in 2009 report such plans.

--- --- ---

About NACE’s 2009 Student Survey: NACE polls students about their job search, career plans, and other issues related to employment on an annual basis. The 2009 Student Survey was conducted February 19, 2009, through April 30, 2009. More than 35,000 students representing more than 840 colleges and universities nationwide took part; more than 16,500 of those were graduating seniors. Information in this release is based on data gathered from graduating senior respondents.

* Note: Data from the 2007 Student Survey provide a better comparison with 2009 survey data than do results from the 2008 survey as the 2007 and 2009 surveys were conducted during comparable time frames.

About NACE: Since 1956, the National Association of Colleges and Employers (NACE) has been the leading source of information about the college job market. NACE maintains a virtual press room for the media. NACE is headquartered in Bethlehem, Pennsylvania.

Source: http://www.naceweb.org/press/display.asp?year=&prid=301

(1) NCES 2004 Graduate figures
(2) NACE Report, as copied press release above
(3) Tips for college grads with finding a job in 2009
(4) USA Today - College graduates struggle to repay student loans

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Comments on this item:

George Parker
02-01-2017 09:50:14
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08-05-2017 11:51:14
The unemployment rate is a measure of the commonness of unemployment and it is figured as a rate by isolating the quantity of unemployed people by all people right now in the work compel. Animation Video Maker Amid times of subsidence, an economy for the most part encounters a generally high unemployment rate.

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