Colleen Sharkey | April 10, 2020
With 10,000,000 Americans filing unemployment claims and the coronavirus outbreak forcing longer stay-at-home orders, college graduates have more to worry about than missing their commencement ceremonies. Younger students who rely on resources provided by their teachers and schools are suddenly out of school for several months. Where will this leave the class of 2020 as they hunt for jobs and the generations behind them?
“Labor market effects will be felt acutely by new entrants, as their labor market trajectories will likely be permanently altered by entering in this downturn,” said Notre Dame Assistant Professor of Economics Chloe Gibbs. “We are already seeing the contractions affecting new offers of employment and resulting in rescinded offers, so this situation has made the job market immediately difficult for graduating high school and college seniors.”
Economic research since the Great Recession has shown that, even with a college degree, new entrants to the job market earned less — even in the long run— than graduates who entered the work force under stable economic conditions.
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