College graduates catch a break with job market opening up

Updated: 2013-05-14T23:25:29Z


The Kansas City Star

Jobs are starting to open up just in time for new college graduates stepping off the stage with their diplomas.

The jobless rate has dropped to 7.5 percent, inching closer to 6.5 percent in October 2008, which is what it was when President Barack Obama was seeking his first term in the Oval Office. Higher education for a lot of college students has been a safe harbor during the Great Recession’s economic storm, The Kansas City Star reports.

It also has provided them with a job-market and earning-power edge over their peers who may not have gone to college or didn’t finish. The lasting effect of the Great Recession will be seen in how graduates handle their discretionary funds after they get on the job.

Student loans will likely eat up a greater chunk of their income than they did for previous generations of college graduates. Young people’s spending habits also may be different because, like Americans who came of age during the Great Depression, they learned to live with less.

That could negatively affect any sustained economic rebound, and that also may be why Federal Reserve Chief Ben Bernanke remains guarded about the country’s overall financial health. A lot of young people who graduated into the Great Recession storm have struggled to find work of any kind, particularly in their field of study.

The difficulty has caused many people to reassess whether the time spent in college and the burden of loans is worth the investment.

To reach Lewis W. Diuguid, call 816-234-4723 or send email to ldiuguid@kcstar.com.

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