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Are recent college graduates finding good jobs?

Author

Listed:
  • Abel, Jaison R.

    () (Federal Reserve Bank of New York)

  • Deitz, Richard

    () (Federal Reserve Bank of New York)

  • Su, Yaquin

    (Federal Reserve Bank of New York)

Abstract

According to numerous accounts, the Great Recession has left many recent college graduates struggling to find jobs that utilize their education. However, a look at the data on the employment outcomes for recent graduates over the past two decades suggests that such difficulties are not a new phenomenon: individuals just beginning their careers often need time to transition into the labor market. Still, the percentage who are unemployed or “underemployed”—working in a job that typically does not require a bachelor’s degree—has risen, particularly since the 2001 recession. Moreover, the quality of the jobs held by the underemployed has declined, with today’s recent graduates increasingly accepting low-wage jobs or working part-time.

Suggested Citation

  • Abel, Jaison R. & Deitz, Richard & Su, Yaquin, 2014. "Are recent college graduates finding good jobs?," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 20.
  • Handle: RePEc:fip:fednci:00001
    as

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    References listed on IDEAS

    as
    1. Paul Beaudry & David A. Green & Benjamin M. Sand, 2016. "The Great Reversal in the Demand for Skill and Cognitive Tasks," Journal of Labor Economics, University of Chicago Press, vol. 34(S1), pages 199-247.
    2. Ralph Stinebrickner & Todd R. Stinebrickner, 2014. "A Major in Science? Initial Beliefs and Final Outcomes for College Major and Dropout," Review of Economic Studies, Oxford University Press, vol. 81(1), pages 426-472.
    3. Kahn, Lisa B., 2010. "The long-term labor market consequences of graduating from college in a bad economy," Labour Economics, Elsevier, vol. 17(2), pages 303-316, April.
    4. Basit Zafar, 2011. "How Do College Students Form Expectations?," Journal of Labor Economics, University of Chicago Press, vol. 29(2), pages 301-348.
    5. Arcidiacono, Peter, 2004. "Ability sorting and the returns to college major," Journal of Econometrics, Elsevier, vol. 121(1-2), pages 343-375.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Jaison R. Abel & Richard Deitz, 2017. "Underemployment in the Early Careers of College Graduates Following the Great Recession," NBER Chapters,in: Education, Skills, and Technical Change: Implications for Future US GDP Growth National Bureau of Economic Research, Inc.
    2. John M. Nunley & Adam Pugh & Nicholas Romero & Richard Alan Seals, Jr., 2014. "Unemployment, Underemployment, and Employment Opportunities: Results from a Correspondence Audit of the Labor Market for College Graduates," Auburn Economics Working Paper Series auwp2014-04, Department of Economics, Auburn University.
    3. Nunley, John M. & Pugh, Adam & Romero, Nicholas & Seals, R. Alan, 2016. "College major, internship experience, and employment opportunities: Estimates from a résumé audit," Labour Economics, Elsevier, vol. 38(C), pages 37-46.
    4. Canon, Maria E. & Kudlyak, Marianna & Luo, Guannan & Reed, Marisa, 2014. "Flows To and From Working Part Time for Economic Reasons and the Labor Market Aggregates During and After the 2007-09 Recession," Economic Quarterly, Federal Reserve Bank of Richmond, issue 2Q, pages 87-111.
    5. John M. Nunley & Adam Pugh & Nicholas Romero & Richard Alan Seals, Jr., 2015. "Unemployment, Underemployment, and Employment Opportunities: Results from a Correspondence Audit," Auburn Economics Working Paper Series auwp2015-13, Department of Economics, Auburn University.
    6. Hobijn, Bart & Bengali, Leila, 2014. "The wage growth gap for recent college grads," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    7. Liu, Shimeng & Sun, Weizeng & Winters, John V., 2017. "Up in STEM, Down in Business: Changing College Major Decisions with the Great Recession," IZA Discussion Papers 10996, Institute for the Study of Labor (IZA).
    8. repec:eee:labeco:v:48:y:2017:i:c:p:120-143 is not listed on IDEAS
    9. Janelle Jones & John Schmitt, 2014. "A College Degree is No Guarantee," CEPR Reports and Issue Briefs 2014-08, Center for Economic and Policy Research (CEPR).
    10. repec:clp:wpaper:wp24 is not listed on IDEAS
    11. Robert G. Valletta, 2018. "Recent Flattening in the Higher Education Wage Premium: Polarization, Skill Downgrading, or Both?," NBER Chapters,in: Education, Skills, and Technical Change: Implications for Future U.S. GDP Growth National Bureau of Economic Research, Inc.
    12. Abel, Jaison R. & Deitz, Richard, 2013. "Do the benefits of college still outweigh the costs?," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 20.
    13. John M. Nunley & Adam Pugh & Nicholas Romero & Richard Alan Seals, Jr., 2014. "An Examination of Racial Discrimination in the Labor Market for Recent College Graduates: Estimates from the Field," Auburn Economics Working Paper Series auwp2014-06, Department of Economics, Auburn University.
    14. Gustavo Yamada & Pablo Lavado & Ana Paula Franco & Emilia Abusada, 2016. "First impressions matter for life: the contribution of skills for the firt job," Working Papers 16-13, Centro de Investigación, Universidad del Pacífico.

    More about this item

    Keywords

    college graduates; labor market; underemployment; unemployment; Great Recession;

    JEL classification:

    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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