Entry-level jobs for college graduates are projected to fall by 5.8% in 2024 compared to last year|Jeff Wilcox|CC BY 2.0
Fresh college graduates are finding it harder to find jobs as projections by the National Association of Colleges and Employers imply entry-level jobs will fall by 5.8% this year compared to 2023—the largest drop since 2015, when NACE began the survey.
It will be particularly difficult for those planning to land white-collar jobs in tech, finance and consulting. Experts point to mass layoffs in 2023 and continuing inflation as the primary cause.
In recent months, professional services firms like McKinsey and KPMG reduced their headcount. Ernst and Young delayed the starting dates for some of its 2023 graduate hires by almost a year.
Tech companies laid off 263,180 employees last year, a 59% increase from 2022, according to job cuts tracker Layoffs.fyi.
Computer science graduates are finding it tough to find jobs due to fewer vacancies. Companies are also focusing more on AI roles that require some experience.
Big Tech firms like Meta have cut back on campus hiring after layoffs.
Where things stand
The unemployment rate among college graduates aged 20 to 24 rose to 5% in the year to April, up from 4.2%. However, the unemployment rate among all Americans remains low at 3.9%.
But some places are hiring
Healthcare firms and government agencies were looking for software developers and data analysts. The latest Labor Department jobs report shows retail, transportation and insurance sectors are also actively hiring.