Unemployment of PhDs has never been very high, and the latest data suggest that it is returning to its historically low levels. Unemployment of physics PhDs, for example, reached 5.3 percent in 1993, quite high compared to the tradition of the field. But it was back down to 2.9 percent by 1995, according to the latest results from NSF's Survey of Doctoral Recipients. The overall unemployment rate for science and engineering PhDs remains under 2 percent. Other indicators, though, are not so reassuring.
Many recent graduates seem to be stuck in a holding pattern.
If you were a postdoc in 1993, the odds are nearly fifty-fifty that you were still one in 1995. That share has declined steadily for decades, and it by itself calls into question the PhD's traditional emphasis on academic careers. For short, it is called the Results Act. The Results Act brings a new dimension to this discussion. The rules of the game have changed.