WorkNew college grads are having their job offers rescinded—now they’re in ‘survival mode’
Published Fri, May 22 2020 12:21 PM EDT
The class of 2020 has become known as the class of COVID-19. Because of the coronavirus pandemic, these students have been forced to cut their college careers short, give up traditional graduation ceremonies and begin their professional careers during the most hostile labor market since the Great Depression.
Many have also had their first full-time job offers revoked.
“This is much worse than the Great Recession. Over the entire Great Recession I think maybe 8.5, 9 million jobs were lost over the course of a 5-year period. Between February and April, the United States lost 21.5 million payroll jobs,” says Gary Burtless, senior fellow at the Brookings Institution. “And so now, people graduating this spring are going to face the worst job market in the entire post-depression history.”