Fact Check: Unemployment for graduates aged 22-27 hits 5.8%, surpassing national average.

Fact Check: "Unemployment for graduates aged 22-27 hits 5.8%, surpassing national average."

What We Know

The claim that the unemployment rate for graduates aged 22-27 has reached 5.8% and is higher than the national average is supported by multiple sources. According to a report by the Associated Press, the unemployment rate for this age group was indeed 5.8% in March 2024, marking the highest level since 2012, excluding the pandemic period. This rate is significantly higher than the overall national unemployment rate, which stood at 4.2% during the same period (AP News).

Additionally, research from the Federal Reserve Bank of New York corroborates this figure, noting that the labor market for recent college graduates has become increasingly challenging, with the unemployment rate for this demographic rising to 5.8% (Fortune).

Analysis

The evidence supporting the claim is robust, coming from reputable sources such as the Associated Press and the Federal Reserve Bank of New York. The Associated Press article highlights the broader economic context, indicating that young graduates are facing one of the toughest job markets in over a decade. It notes that the gap between the unemployment rate for young graduates and the national average is the largest it has been in over three decades, suggesting a concerning trend for recent graduates (AP News).

The Federal Reserve's data also aligns with this finding, emphasizing the difficulties faced by young graduates in securing entry-level positions in a market characterized by economic uncertainty and shifts in hiring practices due to factors like artificial intelligence (Fortune).

While some may argue that the overall economic conditions are still relatively stable, with low unemployment rates in other sectors, the specific challenges faced by recent graduates indicate a troubling disconnect. The labor market dynamics, including the reluctance of companies to hire entry-level positions during uncertain economic times, further complicate the situation (AP News).

Conclusion

Verdict: True
The claim that the unemployment rate for graduates aged 22-27 has hit 5.8%, surpassing the national average, is accurate. The evidence from multiple credible sources confirms that this demographic is experiencing significant challenges in the job market, with unemployment rates higher than the national average, reflecting broader economic uncertainties.

Fact Check: Unemployment for graduates aged 22-27 hits 5.8%, surpassing national average.