College Grads Flood U.S. Labor Market With Diminished ProspectsBy Mike Dorning
May 19 (
Bloomberg) -- Ten months after graduating from Ohio State University with a civil-engineering degree and three internships, Matt Grant finally has a job -- as a banquet waiter at a Clarion Inn near Akron, Ohio.
“It’s discouraging right now,” said the 24-year-old, who sent out more than 100 applications for engineering positions. “It’s getting closer to the Class of 2010, their graduation date. I’m starting to worry more.”
Schools from Grant’s alma mater to Harvard University will soon begin sending a wave of more than 1.6 million men and women with bachelor’s degrees into a labor market with a 9.9 percent jobless rate, according to the Education and Labor departments. While the economy is improving, unemployment is near a 26-year high, rising last month from 9.7 percent in January-March as more Americans entered the workforce.
The graduates’ plight has been the subject of high-level discussions within President Barack Obama’s administration, which so far has concluded the best response is to focus on reviving overall employment and bolstering assistance for higher education, said Peter Orszag, the White House budget director.
“What’s clear is that there is harm to those who graduate at the wrong time through no fault of their own, which is one reason why it is so important to improve the jobs market,” Orszag said. “That is the bottom line here.” ...........(more)
The complete piece is at:
http://www.bloomberg.com/apps/news?pid=20601109&sid=a8f9A4GYLECE&pos=14