HARRISONBURG, Va. (WHSV) – Recent studies from the Federal Reserve Bank of New York show that finding work continues to be a challenge for recent graduates.
The report shows unemployment rates are averaging at 5.3% and underemployment rates sitting at over 41%.
Michael Mamo, a lecturer at James Madison University’s Department of Economics, said the job market has been rough for recent graduates in many different fields, especially those who are interested in fields like computer engineering and computer science.
Mamo also said economists have witnessed a slowdown in hiring because of many different factors, such as economic uncertainty and downward job revisions.
He added that new technology is one of the leading reasons, especially within IT jobs, that new graduates may seem to see continuous push back.
“This is a reflection of the widespread adoption of automation and AI technologies for, you know, various tasks in the workplace,” Mamo said. “If you look at the unemployment numbers for recent graduates, you will see the top unemployment numbers are in those industries, like computer science and high technology industries … And that is sort of preliminary evidence that this is probably driven by the adoption of AI.”
Mamo expressed his concern for graduates who continue to find jobs, as this could have a negative effect on them in the long run.
“The longer you stay unemployed, the less likely you’d be able to be as current as you were right after graduation,” Mamo said.
With that being said, he encourages graduates to find other options to ensure that they stay current and engaged.
“It will be rewarding for the long term for them to find opportunities that will keep them practicing their skills and stay current,” Mamo said.
His advice to recent graduates continuing their job hunt is to prepare to adapt and consider alternatives.
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