retail news in context, analysis with attitude

The Associated Press reports that “the college class of 2012 is in for a rude welcome to the world of work.

“A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don’t fully use their skills and knowledge. Young adults with bachelor’s degrees are increasingly scraping by in lower-wage jobs - waiter or waitress, bartender, retail clerk or receptionist, for example - and that’s confounding their hopes a degree would pay off despite higher tuition and mounting student loans.”

According to the story, “While there’s strong demand in science, education and health fields, arts and humanities flounder. Median wages for those with bachelor’s degrees are down from 2000, hit by technological changes that are eliminating midlevel jobs such as bank tellers. Most future job openings are projected to be in lower-skilled positions such as home health aides, who can provide personalized attention as the U.S. population ages.

“Taking underemployment into consideration, the job prospects for bachelor’s degree holders fell last year to the lowest level in more than a decade.”
KC's View:
I have a 22-year-old son, and I think he feels lucky to be working full-time and making decent money at a local wine merchant. I cannot tell you how many people we know who have kids his age who are either unemployed and miserable or employed and miserable.

The thing is, the current employment issues are likely to have an extended impact on this generation’s shopping and buying patterns.