College graduates’ unemployment rate is one of those topics that we shouldn’t avoid. Students across the US are willing to get into tremendous debt to obtain a degree, only to face no job opportunities once they’ve graduated.
Therefore, readers should pay attention to the statistics listed below. They explain how saturated some professions are, which majors would potentially be a waste of time and money, and which ones offer a straightforward pathway to a job.
Key College Graduates Unemployment Rate Facts and Statistics
- Approximately 61.8% of high school graduates enrolled in college last year.
- Around 53% of recent college graduates are unemployed or underemployed.
- The unemployment rate for those with a bachelor’s degree or higher is 4%.
- Mass media majors have an unemployment rate of 6.2%.
- General education majors have an unemployment rate of just 1.7%.
- 41.4% of college graduates are underemployed in their first job.
- In total, 33.8% of college graduates are underemployed.
- 74.3% of criminal justice majors are underemployed.
General College Grad Statistics
1. The percentage of people who are 25 or older with a bachelor’s or higher degree increased to 37.9%.
(Census)
There are currently 52.8 million people aged 25 or more who are holders of a bachelor’s degree, translating to almost 38% US citizens in this age group. Moreover, according to college graduates employment statistics, there are approximately 32.2 million individuals who have attained a master’s degree or higher.
2. 61.8% of high school graduates enrolled in college in 2021.
(US Bureau of Labor Statistics)
In 2021, fewer high school graduates enrolled in college, as 62.7% enrolled the year before. While 69.5% of female graduates enrolled in college, 54.9% of male graduates did. Also, 85.9% Asian people enrolled, while the rates for Black, White, and Hispanic peoples were 61.2%, 61%, and 58.6%, respectively.
3. Bachelor’s degree holders see ROI only after 15 years of working full-time.
(Education Data)
College graduates job statistics show that the return on investment in a bachelor’s degree in the first 10 years after graduation is -41.1%. On the other hand, graduates with a bachelor’s degree see an ROI of 38.8% after 20 years of full-time employment, while their lifetime ROI stands at 287.7%. However, when we compare it to other investments, like bonds (3%) and stocks (7%), it’s worth it for most people.
4. There are more than 60 million bachelor’s degree holders in the civilian labor force.
(US Bureau of Labor Statistics)
The most significant part of the US civilian labor force has at least a bachelor’s degree. On the other hand, the number of people with an associate’s degree or some college that are in the civilian labor force stands at 35,757.
5. Roughly 53% of recent graduates are unemployed or underemployed.
(University of Washington)
The average college graduate needs up to half a year to find their first employment. Even with a perfect resume, references, and an established job-seeking strategy, they are unlikely to find work in their field or even one that requires a college degree.
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Statistics on College Graduates Getting Jobs
6. The unemployment rate for those with a bachelor’s degree or higher is 4%.
(Statista)
The unemployment rate for those with a bachelor’s degree or higher stays relatively low if we consider the fact that the unemployment rate has increased drastically because of the coronavirus pandemic. The record high was observed in June 2020, when the rate stood at 13.3%.
7. The unemployment rate for associate degree holders in the US is 7.1%.
(Statista)
The unemployment rate for college graduates data offers some good news: young people shouldn’t question their decision to attend college, as those who only have a high school diploma have an even harder time finding work.
8. Median earnings for recent graduates are higher today than they were in 1990.
(Federal Reserve Bank of New York)
Recent college graduates earn more than their predecessors did in 1990 or 2000. In 1990, the median pay for recent graduates was $48,481, slightly dropping to $47,211 in 2000.
College graduate employment rate data implies that the median yearly income for those aged 22 to 27 with a bachelor’s degree today is $52,000.
9. Recent college graduates are 5.7 times more likely than workers overall to be advertising and promotion managers.
(Harvard Business Review)
Taking the share of recent graduates with a bachelor’s degree aged 22 to 27 who work in the position and dividing the figure by the overall number of workers in it, we can determine that recent grads are 5.7 times more likely to be advertising and promotion managers.
10. Interest in arts and entertainment is increasing, and the interest in graphic design is the highest.
(Indeed)
There’s no issue with the college graduates unemployment rate in some professions:
Interest in arts and entertainment-related jobs among recent graduates spiked. For this population, the list of top 10 occupations by interest now looks like this:
- Graphic designer
- Industrial engineer
- Film and video editor
- Psychiatric technician
- Marriage and family therapist
- Art, drama, and music teacher
- Writer
- Counselor for substance abuse and behavioral disorders
- Photographer
- Social worker
11. Interest in occupations related to business and finance drops the most.
(Indeed)
The college graduates unemployment rate has increased in some professions due to a loss of interest in others.
Even though they pay better, jobs related to business and finance are not making any top lists these days. What’s more, the interest in jobs that come with a high risk of injury is also dropping. Here is the list of the top 10 occupations that recent graduates are losing interest in:
- Radiation therapist
- Statistician
- Statistical assistant
- Speech therapist
- Economist
- Actuary
- Sales person
- Nutritionist and dietitian
- Forester
- Nuclear engineer
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College Graduate Underemployment Rate
12. 41.4% of college graduates are underemployed in their first job.
(Statista)
Underemployment is the number that represents the percentage of graduates working in positions that do not require a college degree. If at least 50% of people in a certain occupation have a bachelor’s degree, that position is classified as a college job.
Two out of five people who graduate from college with a bachelor’s degree can expect their first job to not require any degree, according to college graduates job statistics.
13. 33.8% of all college graduates are underemployed.
(Inside Highered)
When talking about college graduates, everyone between the ages of 22 and 65 with a bachelor’s (or higher) degree is considered. Unfortunately, over a third of them are in positions they are overqualified for.
14. 74.3% of criminal justice majors are underemployed.
(Statista, Criminal Justice Degree Hub)
Some degrees face severe underemployment rates. Even though it’s not one of the majors with the highest unemployment rate, getting a bachelor’s in criminal justice will almost certainly lead to underemployment, as just over a quarter of those who graduate with this degree end up working in positions that require it.
15. 51.5% of psychology majors are underemployed.
(Statista, Psychology Today)
Even though most psychology majors dream about becoming counselors or therapists and positively impacting peoples’ lives, more than half of them don’t get that chance. According to the college graduate employment rate data, most of them are employed as HR representatives and psychiatric technicians.
16. 12.1% of nursing majors are underemployed.
(Statista)
For those who opted to go to nursing school, the situation is on the opposite end of the spectrum. A little over 12% of those with a degree in this field are underemployed, while 1.8% are unemployed.
In case you’re interested in unemployment rates for specific majors, you’ll find the following section particularly interesting.
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Unemployment Rate by College Major
17. The unemployment rate for mass media majors is 6.2%.
(Statista, CareerExplorer)
The unemployment rate for those graduating in mass media is double that of the average. Those who find a job in this highly competitive field can expect their starting salary to be around $32,698, growing to an average of $48,633 after five years of experience.
18. The unemployment rate for anthropology majors is 3.5%.
(Statista, CareerExplorer)
Sorting the unemployment rate by degree, we can see that earning a BA or BS degree in anthropology also puts graduates in a difficult position when finding work.
However, their unemployment rate is slightly lower than the college graduate average. What’s more, the starting salaries in this field are estimated at $37,870.
19. Liberal arts majors’ unemployment rate is 3.2%.
(Statista, Zippia)
According to education statistics and college grad unemployment data, liberal arts majors have a 0.4% lower unemployment rate than the college graduate average. The national starting salary for recent liberal arts graduates can vary between $21,218 and $63,293, depending on the amount of previous experience.
20. The unemployment rate for economics majors is 4%.
(Statista, Zippia)
Economics used to be regarded as a field with a secure job line. However, the stats about the unemployment rate by college major indicate that college graduates face difficulties while searching for jobs in this field.
Those who find a job can expect to do well, though, as the median salary data shows some impressive figures — salaries for beginner economist positions to be $62,460.
21. The unemployment rate for health services majors is 3.9%.
(Statista, Zippia)
The unemployment rate for college graduates in health service is not much higher than the average, but it shouldn’t be neglected
Pursuing an education in general medical and health services doesn’t only represent an act of selflessness and desire to help. It’s also a smart move when it comes to future employment. Less than 4% of those with a bachelor’s in this field are unemployed.
The median pay for recent graduates is not too shabby either, sitting at $52,800, college graduate stats on salaries show.
22. General education majors’ unemployment rate is 1.7%.
(Statista, Zippia)
As elementary and high school teachers are always needed, this major’s unemployment rate will likely remain at 1.7% for the foreseeable future. Recent general education graduates can expect to earn about $44,800.
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Unemployment Rate for College Graduates vs. High School Graduates
23. The proportion of the US population with at least a high school diploma is above 90%.
(Statista)
With the increase in education, the number of people with high school diplomas has dropped significantly. The rate of those who never graduated from high school has also gone down. Nowadays, around 91.6% of women and 90.6% of men own a high school diploma or a degree.
24. The unemployment rate for high school graduates in the US is 21.6%.
(Statista)
Considering the unemployment rate for college graduates data, high school graduates have considerably higher unemployment rates than college graduates. The situation has worsened due to the coronavirus pandemic.
25. The median pay for college graduates is around 61.4% higher than those with just a high school degree.
(NCES)
When all bachelor’s degree holders are taken into account, college graduates statistics show a median yearly salary of $59,600. For high school graduates, median pay sits at $36,600. That is another reason why students should carefully evaluate and explore colleges with the best job placement rates.
26. The US government invested $100 million in apprenticeships in 2020.
(Industry Week)
On-the-job training is one of the best ways to improve the job status of those without a college degree. More than $100 million was invested in high-tech apprenticeships. Improving their skillset is one of the only ways for high school graduates to reduce the pay gap between them and the college-educated workers.
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College Graduates Unemployment Rate — Conclusion
Students and college graduates should know more about employment, as it can help them find a job. However, unemployment rates shouldn’t scare them. Instead, they should motivate them to give their best to find a suitable and well-paid job.
Choosing the field they are passionate about should be the number one priority for those selecting a college major. No matter which one they choose, those who are best in their fields shouldn’t worry about finding a job.
Frequently Asked Questions (FAQ)
What percent of college graduates are unemployed?
The unemployment rate of college graduates in the US heavily depends on the type of degree they’ve obtained. For those with a bachelor’s degree, the percentage of the unemployed sits at 4%. The situation is slightly different for graduates with an associate’s degree; their unemployment rate is 7.1%.
The unemployment rate is this high only because of the coronavirus pandemic. We need to consider that the unemployment rate for those with less than a high school diploma is 11.7%.
What percentage of college students get a job after they graduate?
Generally speaking, around 53% of recent college graduates cannot find a job in their field of studies after obtaining a bachelor’s degree. They are either completely unable to find employment or need to settle for a position that doesn’t even require a college degree.
It usually takes about six months for a graduate to find a job. A student or graduate should have a career-seeking strategy and some work experience to increase their chance of getting employed.
How many college graduates are unemployed or underemployed?
Around half of college graduates are underemployed, so they work in positions that don’t require a degree. In fact, 33.8% of college graduates are underemployed. Finding work has become even more difficult because of the worldwide pandemic.
However, some studies show college graduates are less likely to be affected by the changes that covid has brought than those with less education.
Are there more job opportunities for college graduates?
You could argue that employment opportunities are always available for those willing to work. However, the statistics listed above show otherwise.
If they can’t find work the traditional way, recent college graduates should look into websites such as Indeed, TopResume, CollegeGrad, etc. If that doesn’t work out, freelancing is always a viable option. Stats about college graduates unemployment rate should help all young people gain a clear insight into finding employment after graduation.
Sources:
CareerExplorer
CareerExplorer
Census
Criminal Justice Degree Hub
Education Data
Federal Reserve Bank of New York
Harvard Business Review
Indeed
Industry Week
Inside Highered
NCES
Psychology Today
Statista
Statista
Statista
Statista
Statista
Statista
University of Washington
US Bureau of Labor Statistics
US Bureau of Labor Statistics
Zippia
Zippia
Zippia
Zippia
FAQs
Stats and Facts About College Graduates Unemployment Rate (2022)? ›
In December 2022, about 4.1 percent of recent college graduates were unemployed in the United States. This was a significant decrease from September 2020, when the unemployment rate among recent college graduates was at nine percent.
What is the unemployment rate for college graduates in the US? ›In 2022, around 18.5 percent of high school dropouts were unemployed, compared to 15.2 percent of graduates. See the United States unemployment rate and the monthly unemployment rate for further information.
Are unemployment rates lower for college graduates? ›College graduates have half the unemployment rates of high school graduates and better job security. There are many more jobs available for college graduates than high school graduates. You will be able to support your family with a larger salary.
Do college graduates have higher employment rates? ›Unemployment rates for 25-to-34-year-old graduates from four-year colleges are consistently about one-third of the rate for high school graduates. People with some college but no degree or with associate degrees are also more likely than high school graduates to be employed.
What are the statistics about college graduates income? ›College graduates are half as likely to be unemployed as their peers who only have a high school degree. Typical earnings for bachelor's degree holders are $36,000 or 84 percent higher than those whose highest degree is a high school diploma. College graduates on average make $1.2 million more over their lifetime.
What type of unemployment is caused by recently graduating from college? ›Frictional Unemployment
Recent college graduates who are looking for work may not expect to find a job within a year of graduating due to their lack of experience. However, offers may come in for jobs that are not in their chosen field. When they reject those offers for that reason, they are frictionally unemployed.
Unemployed workers are those who are jobless, seeking a job, and ready to work if they find a job. The sum of the employed and unemployed workers represent the total labor force. Note that the labor force does not include the jobless who are not seeking work, such as full-time students, homemakers, and retirees.
What is the underemployment rate for recent college graduates ______? ›The unemployment rate for young college graduates exceeds that of the general population, and about 41 percent of recent college graduates -- and 33.8 percent of all college graduates -- are underemployed in that they are working in jobs that don't require a college degree, according to new data from the Federal ...
What percent of college graduates get a job with their degree? ›"In addition to dealing with financial insecurity, only 46% of college grads surveyed say they currently work in their field of study. 29% report working in a different field, while 16% of those under age 54 (and therefore not likely retired) say they are currently unemployed.
Who has the lowest unemployment rate 2022? ›In April 2022, 10 states set all-time low unemployment rates: Nebraska and Utah (1.9 percent each), Minnesota (2.2 percent), South Dakota (2.3 percent), Idaho (2.6 percent), Alabama (2.8 percent), Arizona (3.2 percent), West Virginia (3.6 percent), Kentucky (3.9 percent), and Mississippi (4.1 percent).
Why did the unemployment rate drop 2022? ›
SACRAMENTO – California's unemployment rate decreased in the month of September 2022 to a record-tying low of 3.9 percent1 in the current data series, as the state's employers added 6,500 nonfarm payroll jobs2 to the economy, according to data released today by the California Employment Development Department (EDD) ...
Why is the unemployment rate so low? ›The bottom line
One reason unemployment has remained low is the low labor force participation rate. There are many reasons people tend to leave the workforce, but one major driver is the aging American population.
It's common to have difficulty finding a job in your field (or sometimes any job) after graduating. So if you have no job after college, whether you just graduated or have been searching for 1-2 years, don't feel bad. You're NOT alone.
Are college graduates in demand? ›Over time, college graduates have seen lower rates of unemployment and higher wages than other workers-even through the Great Recession-suggesting that college degrees have become increasingly valuable in California's labor market. The future workforce skills gap looms large.
How many college graduates struggle to find employment and decent wages? ›A recent survey of 1,000 recent and impending U.S. college graduates by employment site Monster shows about 45% of 2020 grads are still looking for a job. An analysis of federal labor data from the fall by the Pew Research Center also found about 31% of grads were still unemployed.
How many college graduates struggle financially? ›Today, roughly 70% of American students end up taking out loans to go to college. The average graduate leaves school with around $30,000 in debt and all told, some 45 million Americans owe $1.6 trillion in student loans — and counting.
Do college graduates contribute more to the economy? ›By nearly any measure, college graduates outperform their peers who have only completed their high school degree. For example, the average graduate is 24 percent more likely to be employed and average earnings among graduates are $32,000 higher annually and $1.2 million higher over a lifetime.
What percent of college graduates are in poverty? ›A college degree has long been seen as a golden ticket to the good life, but that guarantee could be losing its luster. In 2014, 4.4% of American college graduates lived below the poverty line. But by 2021, that share had risen to 4.6%, according to the most recently available data from the Census Bureau.
What group has the highest rate of unemployment? ›| Race | Percent |
|---|---|
| White | 4.7 |
| Black or African American | 8.6 |
| Asian | 5.0 |
| American Indian and Alaska Native | 8.2 |
- Sociology (9%)
- Family and consumer sciences (8.9%)
- Mass media (8.4%)
- Commercial art and graphic design (7.9%)
- Foreign language (7.8%)
- Performing arts (7.6%)
- Public policy and law (7.4%)
- Engineering technologies (7.1%)
What is the most harmful unemployment? ›
Out of all, structural unemployment is one of the most serious forms of unemployment. It is also the most common type of unemployment. It is the involuntary form of unemployment and arises when the economy sees a long term transformation. It is inherent in the economic systems and takes a long time to get resolved.
Why are so many college graduates unemployed? ›The college graduates unemployment rate has increased in some professions due to a loss of interest in others. Even though they pay better, jobs related to business and finance are not making any top lists these days. What's more, the interest in jobs that come with a high risk of injury is also dropping.
How many college students end up unemployed? ›In December 2022, about 4.1 percent of recent college graduates were unemployed in the United States.
How many college grads don t use their degree? ›Roughly one-fifth of recent graduates, 21%, are working in jobs, either full or part-time, that aren't related to their major area of study.
How many people get employed after college? ›And great news: many students are reaping the benefits of their academic success to find their way into their first jobs! College graduates ages 25 to 34 boast an employment rate of 86%, based on a 2017 study by the National Center for Education Statistics.
Are around 53% of recent college graduates unemployed or underemployed? ›The University of Washington reports that after graduating, approximately 53% of college students are either unemployed or working in a job that didn't require a degree.
Are some 43% of college grads underemployed in first job? ›The first job is critical: 43 percent of workers are underemployed in their first job. Most who start out underemployed, stay underemployed: Workers initially underemployed are five times more likely to remain so after five years than those who were not underemployed in their first job.
Are college graduates happier with their jobs? ›College Degree = Increased Self-Satisfaction:
A study done by CollegeBoard found that four-year college graduates reported the highest levels of satisfaction in their job, when compared to others with less academic experience.
States With the Highest Unemployment Rates
At the state level, Nevada had the highest unemployment rate for February—the latest month with available data—at 5.5%.
Unemployment rate in large U.S. metro areas, February 2023
Bar chart showing the unemployment rate in large U.S. metro areas in February 2023. Las Vegas, Chicago, and Houston had the highest unemployment, with Las Vegas at 5.7%.
Which country has the highest unemployment rate 2022? ›
- South Africa - 29.2%
- Djibouti - 26.1%
- Equatorial Guinea - 25%
- Botswana - 24.9%
- Grenada - 22.9%
- Eswatini - 22.7%
- Lesotho - 22.4%
- Gabon - 20.4%
Low consumer demand creates cyclical unemployment. Companies lose too much profit when demand falls. If they don't expect sales to pick up anytime soon, they must lay off workers. The higher unemployment causes consumer demand to drop even more, which is why it's cyclical.
What is A healthy unemployment rate? ›Percentage of employable people actively seeking work, out of the total number of employable people; determined in a monthly survey by the Bureau of Labor Statistics (website: www.bls.gov). An unemployment rate of about 4% - 6% is considered "healthy".
Is low unemployment rate good? ›Low unemployment is usually regarded as a positive sign for the economy. A very low a rate of unemployment, however, can have negative consequences, such as inflation and reduced productivity.
What drives unemployment rate? ›Government policies, such as high minimum wage floors, generous social benefits programs, and restrictive occupational licensing laws. Labor market phenomena, such as efficiency wages and discriminatory hiring. Labor market institutions, such as high rates of unionization.
Has the unemployment rate gone up or down? ›The unemployment rate has remained low and stable, fluctuating between 3.4% and 3.7% since April 2022.
What would decrease the unemployment rate? ›Expansionary Monetary Policy to Reduce Unemployment
The goal of expansionary monetary policy is to increase aggregate demand and economic growth through cutting interest rates. Lower interest rates mean that the cost of borrowing is lower.
A common factor among many graduates struggling in their job search is the quality of their resumes. Even the greatest education and experience fail to stand out with a poor resume. Creative industries, in particular, prefer resumes with color and style , showing off the character of the applicant.
Is it normal to not have a job after college? ›Those last few months of college truly don't set the tone for the entire future of your career—no matter how much it may feel like it. It's totally OK to not have a great gig lined up right after you graduate. In fact, I think there are a lot of positive things to be said for it.
Do jobs still look at college degrees? ›An educational background verification is a necessary component of many background checks when applying for a job. While checking and verifying an applicant's education credentials may be an extra step in the hiring process, a complete background check helps employers identify and hire great talent.
Why do employers prefer college graduates? ›
Earning a college degree show your ability to complete academic work. Some employers consider this a demonstration of your mental capacity and work ethic. Employers may view your degree as verification of your skills, intelligence and ability to dedicate yourself to difficult tasks.
What is the most in demand college degree currently? ›- Engineering. Engineering professionals use principles of physics and mathematics to design buildings, vehicles, electronics, and other structures. ...
- Business. ...
- Nursing. ...
- Hospitality. ...
- Education. ...
- Computer Science. ...
- Architecture. ...
- Pharmaceutical Sciences.
The total number of graduates has increased at an annual rate of 2.8% over the last 10 years. 4.090 million or 20.4% of all college students graduated in 2020.
What percentage of college graduates are unemployed? ›Unemployment rates for college grads overall were stable in 2022, hovering around 2% in the last half of the year following consistent declines from June 2020 to May 2022.
Are 40% of college graduates underemployed? ›U.S. underemployment of college graduates 2017-2022
In December 2022, about 38.1 percent of recent college graduates were underemployed in the United States.
- Fine arts (12.1%)
- Philosophy (9.1%)
- Sociology (9%)
- Family and consumer sciences (8.9%)
- Mass media (8.4%)
- Commercial art and graphic design (7.9%)
- Foreign language (7.8%)
- Performing arts (7.6%)
According to Pew Research, about 53 percent of new graduates are either unemployed or underemployed. It can take the average graduate six months for graduates to find their first job in their field.
How many college graduates actually get jobs? ›Roughly one-fifth of recent graduates, 21%, are working in jobs, either full or part-time, that aren't related to their major area of study. Among those who are working in their field of study, another 21% are currently working part-time.
Which degree has lowest unemployment? ›- Construction services (1.4%)
- General education (1.8%)
- Elementary education (1.8%)
- Nutrition sciences (1.8%)
- Architecture (2.1%)
- Business analytics (2.2%)
- Agriculture (2.4%)
- Secondary education (2.6%)
It makes gloomy reading for those studying computer science and IT - they have the lowest employment rate for any area of study (see the data below).
Which degree is most employable? ›
Medicine. A degree in medicine is considered to be one of the most employable degrees of all time and no matter how fierce the competition is, stats show that usually individuals with a medicine degree land a job within 6 months of leaving.
What percent of college graduates have no job? ›In December 2022, about 4.1 percent of recent college graduates were unemployed in the United States.
Why is it hard for college graduates to find jobs? ›A common factor among many graduates struggling in their job search is the quality of their resumes. Even the greatest education and experience fail to stand out with a poor resume. Creative industries, in particular, prefer resumes with color and style , showing off the character of the applicant.
Are college graduates declining? ›Nationwide, undergraduate college enrollment dropped 8% from 2019 to 2022, with declines even after returning to in-person classes, according to data from the National Student Clearinghouse. The slide in the college-going rate since 2018 is the steepest on record, according to the U.S. Bureau of Labor Statistics.
Who employs the most college graduates? ›- Amazon. Number of Alumni:7,374. ...
- Deloitte. Number of Alumni:5,256. ...
- Ernst & Young. Number of Alumni:4,727. ...
- KPMG. Number of Alumni:3,583. ...
- PricewaterhouseCoopers. Number of Alumni:3,220. ...
- Accenture. Number of Alumni:2,947. ...
- Microsoft. Number of Alumni:2,693. ...
- Freelance. Number of Alumni:2,435.
The percentage of full-time undergraduate students who were employed was lower in 2020 (40 percent) than in 2015 (43 percent). Similarly, the percentage of part-time undergraduates who were employed was lower in 2020 (74 percent) than in 2015 (78 percent).