Rep. Dave Camp (R-Mich.), the chairman of the House Ways and Means Committee, said on Friday that while the U.S. economy continues to add jobs, a majority of recent college graduates are still unable to find work.
The U.S. economy added a net total of 162,000 jobs in July, and the unemployment rate fell to 7.4 percent. Camp said, however, that “it is tough to find the bright spot” in the report when more than half of all recent college graduates remain unemployed or underemployed.
Data from the New York Federal Reserve showed that unemployment among recent college graduates is approximately six percent, while unemployment among all college graduates has steadily fallen over the past year to approximately four percent.
Additionally, a recent survey from the Pew Research Center showed that in 2012, 36 percent of young adults ages 18 to 31 lived with their parents—the highest rate in 40 years and a slow but steady increase over the 32 percent who lived at home prior to the financial crisis and the 34 percent who lived at home after the financial crisis.
“The American Dream used to mean working hard, getting a good education and moving into your own home to start a family,” Camp said. “Now, for the current generation, the American reality appears to be moving back home with their parents and struggling to find a job. Meanwhile, Americans are paying more for gas and groceries, but they haven’t seen a pay raise in years. This simply isn’t acceptable and Washington needs to focus on real solutions to real problems.”