The job market over the last several years has, obviously, been in shambles. This has been especially hard on new college graduates entering the workforce eager to find jobs, and get started on the right track. Unfortunately for many millennials, getting a job in the right field fresh out of college has been a painful experience. Recent signs though are pointing to better news for millennials entering the workforce.
Some are calling my generation of millennials, Generation Lost. There is no doubt, millennials have gotten the short straw when it comes to the coming-of-age lottery. We are living in a time of high unemployment, economic volatility, and political upheaval. Millennials now have over $1 trillion in student loan debt, and are facing unemployment numbers well above the national average. So what are we as a generation doing about it?
We are doing what we must to survive. Millennials with college degrees are taking jobs paying as little as $10 per hour just so they can pay the bills. With little prospects for getting started off on the right track, like our parents were able to do, we have instead turned to them for help. About 1 in 10 millennials, aged 25-34, are reporting that they are living with their parents due to the recession. Millennials are also putting off major life decisions such as getting married, buying a house, and starting a family, not because they want to, but because they have to. Consequently, this is having a negative impact on the economy.
There are signs though that things are getting better. Employers are reporting that they expect to hire 10% more graduates from the 2012 class than they did from the class of 2011. Career fairs on college campuses have been running at full capacity, and many are reporting higher numbers of onsite interviews. This is welcomed news to say the least.
The sooner the job market(especially for millennials) picks back up, the sooner the economy as a whole will get back on the right track. Once the economy gets on track then all of those things that most people fresh out of college usually do will start to happen again. When they do, I expect the economy to grow much faster than anyone anticipates because, lets face it, there are a lot of millennials that want to get their lives going. When the cards are finally in our favor, we will play our hand and everyone will benefit.