Unemployment rates for recent graduates aged 20 to 24 have increased, with a notable rise in underemployment among young bachelor's degree holders. Over half of the Class of 2023 are working in jobs not requiring a degree. Employment trends have changed post-COVID-19 and amidst a shift toward artificial intelligence, resulting in fewer opportunities for new entrants to the workforce. Layoffs have nearly doubled for young degree holders, contrasting with stable unemployment rates for non-college graduates. Companies are less inclined to train entry-level workers and more prone to employ candidates with experience.
"More than half of the Class of 2023-52 percent-worked in a job that did not require a bachelor's degree one year out from college."
"The layoff rate for young degree holders has nearly doubled from pre-pandemic levels."
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