Record Increase as 8,000 More University Graduates Face Unemployment in a Year
The unemployment rate among university graduates has significantly increased, with 8,000 more graduates facing unemployment over the past year. This surge highlights a continuing youth employment crisis that requires urgent attention.
Rising Unemployment Among Graduates
A recent survey conducted by Jisc’s Prospects found that 6.2% of graduates—equating to 56,900 individuals—remained unemployed 15 months after their studies concluded. This marks an increase from 5.6% or 48,700 graduates last year.
Factors Contributing to the Job Market Struggles
Entering the workforce has become increasingly challenging for young graduates. A hiring freeze, prompted by a rise in employers’ National Insurance contributions and an increase in the minimum wage during last year’s budget, has adversely affected job availability.
Insights from Industry Experts
- Charlie Ball from Jisc highlighted that many businesses had exhausted their recruitment budgets early in the financial year.
- He noted that recruitment processes became increasingly difficult as 2024 and 2025 approached.
- Ball also warned that the rising unemployment rate among graduates could signal the onset of a recession, with projections indicating rates between 7% and 8% for university leavers.
Youth Worklessness Crisis
The situation is compounded by broader youth unemployment figures. Data revealed that at the end of September, approximately 946,000 individuals aged 16 to 24 were neither in education, employment, nor training, raising alarms about a pending youth worklessness crisis.
Continued observation and responsive measures are needed to address these alarming trends and assist the growing number of unemployed graduates in navigating the challenging job market.
