Record drop in number of unemployed graduates
The graduate unemployment rate has dropped from 5.7 per cent in 2016 to 5.3 per cent, the lowest since 1989, according to a study from Prospects.
The annual study is titled What do graduates do? It was written in partnership with the Association of Graduate Careers Advisory Services (AGCAS), and it found that the number of unemployed and employed graduates has fallen.
The report focuses on issues such as entrepreneurship, apprenticeships, and social mobility. It shows which route graduates choose to take six months after they have completed university. The main reason for the drop is due to more students entering further study. A record 39,135 graduates have entered further study this year, up from 32,385 in 2016.
While there was a drop in the number of graduates working in teaching and engineering, the study showed a significant increase in graduates entering sectors such as finance, IT and marketing.
The increase in the number of graduates choosing to enter further study suggests that more graduates are choosing a route they believe is safer due to fears over economic uncertainties such as Brexit.
Commenting on how the report is beneficial to students, AGCAS President Shelagh Green stated: “Along with Higher Education Careers Services, the annual data is a valuable source of information for current students as they plan for their futures.
‘’The continually changing nature of both the graduate labour market and global economy means embracing the available support and opportunities is of the upmost importance for university graduates’’.