A recent report highlights a growing mismatch in the job market, where there are many college-educated workers but a shortage of skilled workers for non-degree jobs.
• The Bureau of Labor Statistics data shows that 25% of unemployed people have a four-year degree, the highest since 1992.
• The unemployment rate for college graduates reached 2.8% in September, while younger graduates aged 20 to 24 face a 9.2% unemployment rate, marking a significant rise.
• Analysts from Goldman Sachs have pointed out this troubling trend, emphasizing the surplus of college graduates versus a need for technical workers without degrees.
• Alex Karp, CEO of Palantir, criticized the college education system for not providing practical skills, suggesting that those with valuable hands-on skills are more sought after than graduates from elite schools.
• There is a suggestion that young people might benefit from pursuing skills that are in demand, rather than investing in expensive college degrees.
This report underscores the importance of adapting education and skill development to meet the needs of the evolving job market, advocating for practical training over traditional degrees.
https://www.zerohedge.com/personal-finance/college-educated-oversupply-crisis-worsens
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