When the graduating classes of 2009, 2010, and 2011 hit the job market, their employment prospects were depressingly bleak. Unemployment rates were at historic highs and job openings were scarce. Nine months after graduation, only 56% of the class of 2010 had found a job. Many of those who did find work held jobs that were temporary, lacked benefits, or did not require a college degree.
People Who Graduate During Recessions Earn Less Money — but They’re Happier
A review of the research.
September 21, 2018
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Summary.
When the graduating classes of 2009, 2010, and 2011 hit the job market, their employment prospects were bleak. In fact, nine months after graduation, only 56% of the class of 2010 had found a job, many in low-paying or temporary roles. These early career experiences appear to have lasting negative consequences for later career success: People earn less money than their counterparts who graduated in more-favorable economic times, even decades later. But research shows that there are some positive aspects about graduating during a recession: People in this group tend to be happier, less self-absorbed, and more ethical over the long run than people who graduated during prosperous times.