NYC Grads Find Weak Job Market, Much Like Rest of U.S.

NYC Grads Find Weak Job Market, Much Like Rest of U.S.

By: Daniel Steingold | August 14, 2016

Fresh out of college and live in NYC? A new study suggests that you may be out of luck when it comes to finding a job.

Vistage Worldwide, an organization that focuses on business owners, found that 52 percent of firms in the Big Apple have little to no interest in hiring new college graduates.

Some have pointed out that when there is economic uncertainty, entry-level hiring comes into jeopardy, which likely largely explains the current situation.

Even though the overall economy has mostly improved since the Great Recession, individual groups— including college graduates— have still experienced difficulty getting hired.

In 2007, prior to the downturn, the unemployment rate for college graduates was only 5.5 percent; in 2015, many years after, it was 7.2 percent.

It is believed that the widespread use of interns has played a big role in the lack of job opportunities for many recent graduates.

A 2015 survey by the National Association of Colleges and Employers found that the offer rate for college graduates with internship experience was 56.5 percent, significantly higher than the rate— 36.5 percent— for those without internship experience.

Having an internship during college also increases one’s likelihood to have a higher paying position.

The average salary offer for former interns in 2015 was $47,881, compared to $38,572 for non-interns.

These studies prove the importance of getting an internship as early as possible during college.

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