Class of 2013 faces grim job prospects

College grads under age 25 face an 8.8% unemployment rate, and of those who do have jobs, more than half work in positions that don't require a bachelor's degree.

NEW YORK (CNNMoney)

Unemployment remains high for young college grads. For those who will find jobs, many will probably have to settle for low-level positions, the Economic Policy Institute said Wednesday.

The unemployment rate for recent college grads between the ages of 21 to 24 has averaged 8.8% over the last year, according to Labor Department data.

Once you also include young grads who are working part-time for economic reasons, and those who have stopped looking for a job in the last year, the so-called "underemployment rate" is a whopping 18.3%.

Sure, the job market has improved during the past few years. But both these rates remain higher than pre-recession levels.

And young graduates with jobs may be questioning whether college was worth it.

Related: I had 10 jobs before 25

As of 2012, about 52% of employed college grads under age 25 were not working in jobs that require a college degree, said Andrew Sum, an economist at Northeastern University. That's up from 47% in 2007 and 40% in 2000.

But EPI said the job problem for recent college grads stems more from weak demand for goods and services, rather than a lack of the right education or skills.

First Published: April 10, 2013: 11:04 AM ET

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