The labor market has taken a sharp turn for the better for young college graduates.
Incomes for the newest batch of diploma-holders are now at the highest level in more than a decade, while unemployment rates are falling quickly, according to a new report from the Federal Reserve Bank of New York.
The data show how quickly the post-recession image is fading of college graduates doomed to work in coffee shops. Their experience highlights instead a growing divide in the U.S. economy—between those with a college degree and those without...
The newest data put that question to rest, at least for now. Bachelor’s degree holders earned a median $43,000 last year, an increase of more than $3,000 from the year before. That was the highest since 2003, showing that the job market for freshly minted graduates has nearly recovered to the best years on record. Incomes are rising even faster for college students in the best majors. The top 25% of young college graduates earn at least $60,000 a year.
The unemployment rate for young college graduates has fallen from more than 7% in 2010 to just 4.9% in September. That is compared with a 5.3% jobless rate for all workers in the U.S. economy and an unemployment rate of 10% for young workers without a bachelor’s degree.
Eight of the 10 highest-paying degrees are engineering majors, with chemical engineers leading the pack with a median salary of $70,000, according to the new data.