Recent college graduates are seeing the best labor market since before the Great Recession, the Federal Reserve Bank of New York reported Thursday.
The underemployment rate, where graduates work in jobs that do not require college degrees, dropped to 41.5 percent.
The college graduate underemployment rate declined to 41.5%. pic.twitter.com/8rmqmJeDfI
— New York Fed (@NewYorkFed) October 25, 2018
The unemployment rate also fell to 3.6 percent for the third quarter of 2018.
The college graduate unemployment rate edged down to 3.6%. pic.twitter.com/xmJPUqKrNH
— New York Fed (@NewYorkFed) October 25, 2018
“Both measures have fallen to levels not seen since before the Great Recession,” the New York Fed tweeted Thursday.
Both measures have fallen to levels not seen since before the Great Recession.
— New York Fed (@NewYorkFed) October 25, 2018
About 34 percent of recent college graduates, between ages 22 and 27 with at least a bachelor’s degree, had good non-college jobs while around 13 percent had low-wage jobs.
“Good non-college jobs are those with a full-time average annual wage of roughly $45,000 or more, while low-wage jobs are those that tend to pay around $25,000 or less,” according to the New York Fed.
The Great Recession was when unemployment was the highest between 2007 and 2009.
Unemployment for recent college graduates started to peak at 6.8 percent in January 2010, according to the data.
The U.S. economy added 134,000 jobs in September. The unemployment rate also fell to 3.7 percent, matching the lowest since 1969. (RELATED: US Unemployment Hits 49-Year Low)
The New York Fed did not immediately respond to The Daily Caller News Foundation’s request for comment.
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