Young people who just graduated from college - the Class of 2020 - were treated to a star-studded online graduation celebration featuring the Obamas, Beyoncé, Lizzo, Alicia Keys, and more. Their inspirational words attempted to give some encouragement to a group of people who are entering one of the most uncertain economic periods in recent history.
But they might need more than celebrity motivation.
New graduates are “entering the worst jobs market since the Great Depression,” according to CNN, with the unemployment rate among 20-24 year olds nearly double that of the country as a whole. Their research shows that people who enter the labor force during a recession can also expect to earn lower-than-expected wages for more than ten years.
The Financial Times reports that even students who had lined up jobs and internships before graduation have been hit hard: “This cohort of final-year students will enter a jobs market turned upside down by the pandemic … some [employers] are withdrawing job offers, pushing back start dates ... Internships, typically part of an assessment for future job offers, are being cancelled.”
The employment prospects look even scarier for graduates from marginalized groups like Black Americans.
The most recent jobs report showed some hope and promise, with the overall unemployment rate going down from a record-high 14.7% to 13.3%. But those gains weren’t enjoyed evenly, and the numbers are difficult to accurately identify, according to Axios. The unemployment rate for Black Americans actually rose in May 2020, to 16.8%.
And the millions of jobs added to the economy? A sizable chunk of them were low-paying part-time jobs, reports Quartz, which don’t typically include benefits like health insurance or paid time off. A single adult would need to make over $18 an hour to afford a one-bedroom apartment across the U.S., and most part-time jobs pay far less than that.
So what are grads to do?
Amy Fulmer, director of recruitment for Futuretech staffing agency, told WAVE3 News some of her advice for how recent grads can navigate uncertain waters.
Firstly, she suggests pursuing an unpaid internship - though that’s a tough sell for many grads, especially Black grads, who don’t typically have thousands in savings to live on while they pursue unpaid opportunities. Internships and volunteering can be a way to gain experience during periods of unemployment, however, even though they don’t bring in money.
She also suggests keeping an open mind to trade industries like construction and plumbing - unprecedented times mean many people will find themselves in industries they weren’t planning to enter. “[D]on't box yourself into a corner,” she says. “[E]verything should be on the table.”