The behavior of many of this year’s college seniors might further fuel this story line.[6] They are graduating into a labor market decimated[7] by the worst economic downturn since the Great Depression. The unemployment rate for early 20-somethings[8] is close to 20 percent. Increased applications to grad school have turned that option of sitting out the recession into a reach.[9] Even going into teaching—hyped a year ago as the most acceptable Plan B for high achievers turned off by (or turned away from) Wall Street—has become much tougher, as school districts have been devastated by budget cuts.[10] Yet despite the fact that the new graduates are in no position to pose conditions for employers, many are increasingly declaring themselves unwilling to work more than 40 hours a week. Graduates are turning down job offers in high numbers—essentially opting to move back home with their parents if the work offered doesn’t match their self-assessed market value.
According to the National Association of Colleges and Employers, which every year surveys thousands of college graduates about their job prospects and work attitudes, fully 41 percent of job seekers this year turned down offers—the exact percentage that did so in 2007, when the economy was booming. And though less than a quarter of seniors who applied for work had postgraduation job offers in hand by late April (compared with 52 percent in 2007), many are still approaching work with attitudes suited for a full-employment[11] economy.
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