The Unemployment Rate for College Grads with a Bachelor’s Degree Dropped to 2.3%
Not since May of 2008 has the seasonally-adjusted unemployment rate for those holding a Bachelor’s degree been this low. At the current rate, we should see this dip under 2% by the middle of 2017.
At least in terms of 4-year college graduates, the job market seems to be opening up significantly. As more degree holders become employed, the default and postponement rate for student loan and credit card payments should start dropping.
What is hard to tell from the Bureau of Labor Statistics data is exactly how much these jobs are paying. While employment itself is a good start, the price tag of the degree affects how much of an individual’s income is going to go towards student loan repayments. Someone with a Bachelor’s degree in Engineering is probably making a comfortable living at an airline manufacturing firm, as opposed to a Master’s degree holder working at Chipotle.
This is some of the best news yet coming out of an otherwise-dreary 2016 for Millennials. Wages have stayed relatively flat throughout the year for the younger generation while the cost of college keeps going up.