Most recent young college graduates are a carrying a heavy debt load for their education, and they face a harder time paying it off because their wages have plummeted as well—part of a decade-long decline, according to a new Economic Snapshot from the Economic Policy Institute (EPI).
“Between 2007 and 2011, the wages of young college graduates dropped by 4.6 percent (5.1 percent for men and 4.1 percent for women). However, the wage growth of young graduates was weak even before the recent recession began. They have fared poorly over the entire period of general wage stagnation that began during the 2000-2007 business cycle. Between 2000 and 2011, the wages of young college graduates dropped 5.4 percent (1.6 percent for men and 8.5 percent for women).”
For more information on the job prospects of this year’s graduates, read EPI’s recent report, “The Class of 2012: Labor Market for Young Graduates Remains Grim.”
This blog originally appeared in AFL-CIO on May 16, 2012. Reprinted with permission.
About the author: Mike Hall is a former West Virginia newspaper reporter, staff writer for the United Mine Workers Journal and managing editor of the Seafarers Log. He came to the AFL-CIO in 1989 and has written for several federation publications, focusing on legislation and politics, especially grassroots mobilization and workplace safety.