Grads Face Perilous Job Market: Youth Unemployment Rate Highest Since 1948

More than 1.6 million bachelor degree-toting young adults will enter the job market this year, and they’ll face the highest youth unemployment rate — 19.6 percent — since the Labor Department started compiling the data in 1948.

As Business Week reports, the horizon for grads is not looking bright.

Matt Grant, a 2009 graduate of Ohio State University, majored in chemical engineering and completed three internships. After nearly a year-long job search, he found a position — as a waiter at a Clarion Inn.

The effects of the shrunken employment market are being felt nationwide.

The magazine reports that 33 percent of Harvard’s class of 2009 had jobs upon commencement, an 18 percent decrease from the year before.

As a result more and more students, experts say, are having to take jobs they didn’t plan for.

http://www.huffingtonpost.com/2010/05/20/job-market-2010_n_583048.html