What a lousy time to graduate. This year’s university leavers have had exams cancelled and marking schemes scrubbed. They’ve been robbed of celebratory balls and award ceremonies.
Worst of all, they are graduating into the worst economy since the Depression, with nearly 15 per cent unemployment in the US and 36m people newly out of work. In the UK, hiring intentions are at their lowest level in at least 15 years, with one-fifth of employers planning to let people go over the next three months. Job vacancies are down by two-thirds year on year, according to the Institute for Employment Studies.
New graduates are already suffering. A survey of UK university students in their final year by Prospects found that 30 per cent had lost their job or had an offer of one cancelled or deferred. In the US, 35 per cent of college students who had been offered internships have now had them cancelled, and most received no compensation, according to a survey by Yello.