China’s Graduate DilemmaMonday, August 9, 2010 21:03
If there was one group that was hit the hardest by the economic downturn was college graduates, and as I have managed to time both of my graduating dates in the middle of bad economic times, I can attest that it sucks to be looking at a bad job market 6 months away from graduation.
For China, the problem is particularly acute due to the fact that China is putting out more than 6 million college graduates a year (everything is about numbers in China), and while the economy has posted more than 10% growth, the fact is that the economy is not producing jobs for them in the numbers needed. Sure, there are “labor shortages” occuring on the East coast (perhaps a 30% bump in pay would cure that), and no doubt there are plenty of bridges needing on-site engineers, but graduates are far more likely to stick it out in the big city for a high value jobs… banking, PR, accounting, logistics, etc… and were more interested in jobs that would offer more potential opportunity than a hard hat.
A plot that the above 6 minute clip offers a bit of perspective on.