The Great Graduate Job Drought (ft.com)
- Reference: 0180642286
- News link: https://slashdot.org/story/26/01/23/0925259/the-great-graduate-job-drought
- Source link: https://giftarticle.ft.com/giftarticle/actions/redeem/4578953b-e613-4ec6-9e0c-86a3f252ea84
In the UK, the Institute of Student Employers found that graduate hiring fell 8% in the last academic year and employers now receive 140 applications for each vacancy, up from 86 per vacancy in 2022-23. US data from the New York Federal Reserve shows unemployment among recent college graduates aged 22-27 stands at 5.8% versus 4.1% for all workers.
Recruiter Reed had 180,000 graduate job postings in 2021 but only 55,000 in 2024. In a survey of Reed clients last year, 15% said they had reduced hiring because of AI. London mayor Sadiq Khan said the capital will be "at the sharpest edge" of AI-driven changes and that entry-level jobs will be first to go.
[1] https://giftarticle.ft.com/giftarticle/actions/redeem/4578953b-e613-4ec6-9e0c-86a3f252ea84
"at the sharpest edge" (Score:3)
> London mayor Sadiq Khan said the capital will be "at the sharpest edge" of AI-driven changes and that entry-level jobs will be first to go.
It sounds like in a few years Sadiq and others will be desperate to get good people because most would have started at entry level.
Re: (Score:2)
He wasn't saying it's a good thing.
A lot of graduates in the UK are screwed because they need to be in the top 5% income bracket just to stop what they owe on their student loan from increasing, let alone paying it off. It's basically a graduate tax at this point.
We are in a recession (Score:2)
No government wants to admit it especially the American government. So we all just kind of pretend it's not happening because the line is still going up thanks to billionaires spending money on AI infrastructure but unlike the .com bubble that doesn't include any hiring it's just a handful of construction workers almost always brought in from outside because building those data centers as specialized work.
And of course zero jobs when the data center is are up and running because they're almost completel
Yeah... (Score:4, Insightful)
because we are in a recession (the employment and other data just haven't caught up yet). AI is a convenient way to hide the fact that companies are worried and are holding off hiring. War, threats of war, and tariffs at the whim of a dementia-addled psychopath also contribute to economic uncertainty, which also discourages hiring.
Re: (Score:2)
I'm afraid this is an entirely accurate assessment. :(
Re: (Score:2)
Typical abuser mentality. “Look what you made me do!”
The current administration is nothing but DEI hires. Are you going to convince me they all received their jobs based on merit and qualifications?
Re: (Score:2)
I think you're totally right but so I think there's been something of a cultural shift where people no longer think you need a degree to do advanced things.
While this has always kinda been true for some people who are smart but don't want to go to college its also just plain letting people run things that they're actually incompetant at. I think its something like the enshittification of society by society, why have good expensive things that fewer, highly payed, well educated people can do - when you can j
Re: (Score:3)
Of course the numbers haven't caught up yet: Trump has made it clear that any statistician in the administration that publishes "bad" numbers is going to be fired.
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Does your irony meter ever go off when you try the dementia thing?
Re: (Score:2)
> Does your irony meter ever go off when you try the dementia thing?
Ah, yes, the old what-about-ism.
For the record, I (and many Democrats) wanted Biden to announce early-on that he was going to serve for 1-term, and make it easy for competitive primaries and selection of a credible candidate as his replacement. His loss of mental acuity was a problem (and I thought maybe he even could have stepped down early and get us over the 1st-woman-president roadblock by letting Harris lead for a time), but with Trump it is downright dangerous because he's a psychopath and there see