Class of 2016: Labor market still weak for young grads

Post-recession era marked by unemployment, underemployment and stagnant wages for young people. 

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Contact: Amy Hanauer, 216.361.9801

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The Great Recession had lasting effects on employment for today’s young adults, according to a report released today by the Economic Policy Institute. Authors Teresa Kroeger, Tanyell Cooke and Elise Gould find that the recession and slow recovery have sent eight classes of students into a weak labor market with limited job openings upon graduation. Ohio’s situation is especially bad. “The labor market has clearly improved for the class of 2016,” said Kroeger. “But when you look under the hood, there’s continued weakness for women, people of color, and workers without a college degree.” Key findings for Americans for 2015 include:

• For young college graduates, unemployment (5.6 percent) and underemployment (12.6 percent) are higher than before the recession. For young high school graduates, unemployment is 17.9 percent and underemployment is a staggering 33.7 percent.
• The vast majority (65.8 percent) of people age 24-29 lack a college degree.
• Many are “idled”