The trope of the highly educated, but underemployed millennial living in Mom and Dad’s basement may be approaching its expiration date. Or at least part of it.
In one of the first signs that life may be improving for the latest generation of adults, the underemployment rate for recent college grads has dropped to 6.2 percent from 10.2 percent at the height of the recession, according to a new report from the Georgetown University Center on Education and the Workforce. The rate for all workers fell below 10 percent the first time since 2007.
The rate includes both those who want a job but don’t have one and those who want a full-time job but only have a part-time one.
Two factors are behind the rise in full-time employment among college grads: job vacancies left by retiring Baby Boomers and the increase in overall job growth, report co-author Anthony Carnevale said in an interview with MarketWatch.
Carnevale said two of three jobs available for college graduates in the next few years will be because of retirements. He also noted that those with college degrees are some of the first to benefit from the jobs recovery.
Exactly half of states have returned to their pre-recession employment levels, according to a report issued last month by the Economic Policy Institute. Additionally, employers planned to hire more new college grads this year versus last year, according to a spring survey from the National Association of Colleges and Employers.
Perhaps, this is the first step in finally launching millions of Millennials out of their parents’ homes and into full adulthood.