The COVID-19 pandemic has already had—and will continue to have—a significant impact on the world's economy. The statistics in the U.S. may be disheartening for job seekers. Many economists have compared the fallout from the pandemic to the Great Recession of 2008, pointing out that overall job losses and rising unemployment rates in April and May of 2020 were far more extreme than they were even a decade ago.
The sudden economic downturn poses a major challenge for recent graduates. Federal Reserve Economic Data reveals that the jobless rate for college graduates surged to 20.4% in June of this year as many employers were forced to stop hiring and even rescind job offers they'd made to new graduates. And, as is typical in a tough economy, job candidates competing for open positions have found themselves pressured to accept lower salaries and fewer benefits or to take jobs that are not on their desired career path, all of which can cause professionals to lose traction in their career trajectories.
Despite the damaging effects of the pandemic on the 2020 graduating class and the uncertainty it presents for future graduates over the next couple of years, there is hope. Sooner or later, the economic turmoil will subside, and in the process, societal changes in response to the pandemic may create new jobs in emerging industries. In the meantime, however, new graduates may have to adjust their expectations and plans, and above all, they'll need to remain patient and optimistic through challenging times.