A recent study by Challenger, Gray & Christmas, Inc. indicates that this year’s job market for recent college graduates is the best in the post-Recession era.
The study found that unemployment for recent grads is declining. The most recent report shows the unemployment rate of 20- to 24-year-olds with bachelor’s degrees is at 4.4 percent, down from 6.4 percent in 2014. At its peak in 2011, the unemployment rate for this demographic group was 8.5 percent.
Trends impacting the entry-level job market include a rise in the number of Baby Boomers who are retiring, as well as an increase in the number of employees who are quitting their jobs for new opportunities. Job churn from these events increases the number of job openings overall.
More good news for recent and soon-to-be college grads:
Survey results published by the Society for Human Resource Management (SHRM) found that one-third of organizations (35 percent) have already hired college students to begin working before or after their 2015 graduation. Of the almost two-thirds (65 percent) of employers that have not yet hired graduates, the majority (71 percent) plan to hire graduates, an 18 percent increase since 2013.
Another survey by the National Association of Colleges and Employers (NACE) found that companies plan to increase hiring of college graduates by 10 percent over last year’s pace.
More than 1.8 million college graduates will enter the job market this year.