Contrary to popular belief, most recent college grads are not actually working as baristas or waiters. They’ve got more rewarding and higher paying jobs.
At least that’s the finding of a new report released by The Federal Reserve Bank of New York. It shows, among other things, that the unemployment rate for recent college grads is falling, and that college grads have a much lower unemployment rate that youg workers in general. At the same time, “underemployment,” a measure of those working part time when they would prefer full-time work, is at it’s lowest level in many years.
While things are getting better, the underemployment rate for recent college grads is still 45%, which means they’re not exactly on easy street.
The NY Federal Reserve also put out some interesting numbers on early career median wages based on one’s major in college. Among them:
Chemical Engineering: $70,000.
Computer Engineering: $60,000.
Early Childhood Ed: $30,000.
Medical Technician: $44,000.
See the full list here.
Here’s the Fed’s chart on unemployment rates for recent college grads: