Graduates face highest unemployment rate since austerity era – report

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Sumary of Graduates face highest unemployment rate since austerity era – report:

  • Unemployment among recent graduates has risen to levels last seen during the austerity era, with young people worst affected by job shortages due to the pandemic, according to official data..
  • The unemployment rate for recent graduates in England aged 21 to 30 reached 6.3% in 2020, after it had gradually fallen over nearly a decade after a peak of 6.5% in 2012, in the middle of the coalition government austerity drive..
  • “Between 2007 and 2020, employment rates have fluctuated slightly more for the young population compared with the working-age population..
  • This might suggest that the employment of young people is disproportionately influenced by changing structural conditions in the economy,”.
  • Despite the rise in unemployment, pay rates held up for graduates who succeeded in finding a job, with graduates aged 21-64 earning an average salary of £35,000, £9,500 more than their peers who did not go to university and an increase of £500 on 2019..
  • White graduates had the highest employment rate (86.8%) and proportion of high-skilled employment rate (67.0%), compared with 81.2% and 53.2% for black graduates..
  • The figures showed an unemployment crisis that faced young people who had not gone to university, with nearly one in four unemployed and not looking for work – almost double the rate for graduates..
  • Postgraduates have fared better than graduates during the pandemic, with a 1.8 percentage point gap in overall employment rates opening up compared with graduates….

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