Tomas Chamorro-Premuzic and Becky Frankiewicz writing for the Harvard Business Review (HBR) tackled the topic of higher education and full employment leaving out, for now, the idea of a lasting peace of mind. Of course, although there may be a multi-decade correlation between a college degree and three or less careers in one’s lifetime, equaling financial security, or as we…
Many students (and their parents) believe that applying to college begins by choosing a career that will align with one of the many majors on the pull down list of most digital college applications, often wrongly assuming that college is little more than a sophisticated form of job training required in order to achieve lasting prosperity. Typically, deciding on a career…
In February 2020, approximately 165 million people were employed out of an approximate civilian population of 250 million Americans. In the economic recession of March 2020, 20 million jobs were lost. Since then, in the interim 12 months, only 10 millions jobs were re-created, leaving 10 million people still seeking employment. Of that 10 million, roughly 4 million people have…
Many soon-to-be college graduates—in a time of economic upheaval and pandemic induced doubt—fatalistic and full of dread can relate to the most recent college student-produced meme. Currently, unemployment and underemployment of new college grads is increasing, and gateways to employment like internships and other extracurricular activities are drying up or are suspended at closed or severely-restricted campuses resulting in fewer…
The most recent underemployment figures from the Federal Reserve Bank of New York, indicating that 43% of 22-27 year old college graduates who are working in jobs that do not require their university degrees, show a nearly 2% increase from February 2020, pre-COVID economic disruption. Yet, as college graduates are usually the last cohort to be more widely affected in…
First, in Spring 2020, as we retreated into our homes concerned for the health risks of contracting COVID, we re-centered our lives. Following stringent social distancing guidelines, we imported the world to our personal fiefdoms. Thus, we’re spending more on groceries to prepare our own meals, purchasing cable and satellite TV for news and entertainment, and cleaning products attempting to…
The difficulties for those in the younger generations to generate wealth are consequences of a structural shift in the U.S. economy in the last forty years, well before today’s late Boomer and Gen X parents entered the labor market as twenty-somethings. As highlighted in a recent Federal Reserve Bank research paper, “Market Power, Inequality, and Financial Instability”, Isabel Cairo &…
For the first time in four weeks, less than 800,000 people filed new unemployment claims (those who have lost their jobs and now seek financial relief from either state or federal government) during the week ending October 17, 2020. Yet, the pre-COVID job market is slow to recover post the March 2020 financial tantrum, as the reduction can mean a…
Consumer confidence on Main Street, as measured by the Conference Board, is waning, dipping lower than levels at the height of the shelter-in-place orders in April, in direct opposition to the rapidly improving confidence of Wall Street from the lows in Spring 2020. And, yet, that same Wall Street confidence only constitutes 10% of Americans who own 87% of the…
Many are doing more with less, while living through the global, systemic retreat from “life as we knew it”, induced by a virus we cannot see. For some, though, doing the “same with less” is now their life’s maxim, having accepted substantial pay cuts to remain employed during the current economic upheaval. As Megan Casella of Politco writes: Now, with…
With nearly half of all American adults out-of-work and a second wave of the coronavirus making itself known with governments at the state, federal and local levels issuing varying orders affecting daily life, new entrants into the labor market, the young college graduate or not, are rightfully concerned. Nearly half of the population is still out of a job showing…
We’re officially in a recession, meaning GDP, or the total value of goods produced and services provided in the US during a single year has declined for two consecutive quarters. The world economy is expected to contract by 5.2% this year—the worst recession in 80 years—but the sheer number of countries suffering economic losses means the scale of the downturn…
As the Class of 2020 commences, into what economic state do they commence? As reported by Courtney Weaver in the Financial Times on May 28, 2020: With US unemployment at its highest level since the second world war and the country still grappling with the economic fallout of coronavirus, university graduates are watching start dates be deferred, internships cancelled and…
The above chart depicts that the wealthiest and upper middle class have not only regained their wealth previous to the 2008 recession, but gained greater wealth, at the expense of the middle class and poorest classes. And, now, middle class and poorer families are facing an even greater economic downturn that has yet to be even defined in scope, though…
Graph courtesy of The Wall Street Journal Current college students, many who find themselves at home though would rather be finishing their school year on college campuses around the country, will be confronting along with their older colleagues who graduated college in 2019, 2018, a possibly more complicated problem that of protracted unemployment. In addition, the long term economic outlook…
