major_vs_career(lg).CMC/HC2014

College Isn’t a Cure-All

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…

Continue Reading

Career Planning Is Less Planning and More Trusting Instinct

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…

Continue Reading

Majors_vs_Career(sm).CMC/HC2014

Labor Market Mirage

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…

Continue Reading

College Grads Confronted by Diminished Employment Prospects

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…

Continue Reading

Watch Out Below

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…

Continue Reading

2020 COVID-Induced Retreat

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…

Continue Reading

Income Inequality Continues to Expand

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 &…

Continue Reading

Confidence Slipping, Mind the Gap

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…

Continue Reading

Paradise Lost

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…

Continue Reading

Employment Outlook Requires Purposeful Action

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…

Continue Reading

Delayed Economic Vitality

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…

Continue Reading

Middle Class Wealth Erosion Set to Continue

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…

Continue Reading

More Economic Difficulties for Gen Z and Millennials

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…

Continue Reading