According to a new study by the Bureau of Labor Statistics, about 260,000 people with a college or professional degree made at or below the minimum wage of $7.25 per hour last year. Although this number may seem large, this is the smallest number since 2008. However, the number of workers with college degrees is more than double what it was in 2005.
So, what does this mean for people with degrees?
Experts say that the post-recession labor market is why so many college graduates are in low-paying jobs. According to Tsedeye Gebreselassie, a staff attorney at the National Employment Law Project, “The only jobs that we’re growing are low wage jobs, and at the same time, wages across occupations, especially in low wage jobs, are declining.” Unfortunately, this is hurting college students especially. And with so many young adults thinking that a degree may help them succeed in their career, a minimum wage job after college can be a real shocker.
The good news is that as we move past the recession, this number should continue to go down. And many states, as well as the federal government, have made attempts to increase the minimum wage floor. Hopefully, it won’t be long before these graduates are in better paying jobs!
Source: CNN
