Reporting from Chicago — College students who graduated in 2009 and 2010 earned 10% less than those who entered the job market before the financial crisis, according to a new report.
Those who graduated before the recession earned a median salary of $30,000, whereas those who graduated after earned a median salary of $27,000, according to the report released recently by the John J. Heldrich Center for Workforce Development at Rutgers University.
The report, "Unfulfilled Expectations: Recent College Graduates Struggle in a Troubled Economy," paints a grim picture for about 1.7 million students who are graduating this spring with a bachelor's degree. The graduates will face an unemployment rate hovering around 9% and an economy struggling to recover more than 8.8 million private-sector jobs lost during the recession.
"We are still way behind, and the [slow recovery] is hurting those who are about to start their careers," said Carl Van Horn, the center's director.