This morning’s employment release showed that the unemployment rate for college graduates hit 5.1%, the high for this cycle and most likely a record. However, I do wonder whether this is the “darkest before the dawn” moment, and we will start seeing a real recovery in at least the top-end labor market in 2011. More on this soon.
Added: The demand side of the labor market seems to be gradually improving, as seen by the Conference Board’s Help Wanted Online Data Series. The number of online want ads now stand at roughly 4.5 million, up about 31% from a year earlier. In certain key fields for college grads, the improvement is even stronger. Online want ads for computer and mathematical occupations are up 35% over the past year, while want ads for life, physical and social scientists are up 41%.
It may be that the rising demand is starting–just starting–to pull in college grads who had stopped looking, which would account for part of the rising unemployment rate.