First News
Volume:7, Number:40
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Business & Finance 4

Bleak Wage Outlook for Fresh College Graduates in US

The bachelor's degree - long a ticket to middle-class comfort - is losing its luster in the US job market. Wages for college graduates across many majors have fallen since the 2007-2009 recession, according to an unpublished analysis by the Georgetown University Center, on Education and the Workforce in Washington, using Census Bureau figures. Young jobseekers appear to be the biggest losers. Chemical and computer engineering majors have held down some of the best earnings of at least USD60,000 a year for entry-level positions since the recession, while business and science graduate pay checks have fallen. A biology major at the start of his career earned USD31,000 annually on average in 2015, down USD4,000 from five years earlier. The outlook for experienced graduates aged 35 to 54 is brighter, with wages generally stable since the crisis. The economic premium of a bachelor's degree flattened after the recession, according to a 2016 National Bureau of Economic Research paper by economist Robert Valletta.

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