Class of 2020 and 2021 college grads, anxious to shop their abilities amongst employers, will confront a complex labor market post the 2020 COVID-influenced economic meltdown.
As Class of 2021 graduates emerge from the chrysalis of college, seeking entry into the professional class, they may instead queue up behind the 45% of their Class of 2020 peers who are still unemployed according to a recent Monster survey.
The overall unemployment rate for March [2021] was 6%, but 20- to 24-years old are facing a 10.3% unemployment rate.
CNBC, April 15, 2021
Additionally, not only are Class of 2020 grads are less likely to be employed, they’re also less likely to be actively seeking employment, than their Class of 2019 peers, according to recent studies by the Pew Research Center.
However, given the Pew Research reflects Fall 2020 numbers at the height of the second COVID wave and additional shelter-in-place orders, if Class of 2020 grads are now once again looking for work, employers will have an even larger pool of potential applicants to consider—not positive news for either Class of 2020 or 2021 grads.
If multiple years of college grads delay entry into the professional class, they can delay wealth accumulation over their lifetimes, as well as their ascension into Adulthood—getting married, forming families, and buying houses—which can exacerbate stress, creating additional complexities to navigate at an already complicated transition point in one’s life.
If the guaranteed lifetime economic prosperity promised for dutifully completing college goes unfulfilled, especially as unemployment amongst recent college grads may extend to 18-24 months, will sentiment about the value of earning a college degree be dented as well?
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