UK, Bleak Job Market for College Graduates Due to COVID-19

College Graduate Unemployment Rate Reaches 12%

Source: Jason Alden/Bloomberg

[Asia Economy Reporter Yujin Cho] Bloomberg reported on the 8th (local time) that the unemployment rate for university graduates in the UK soared to 12% due to the impact of COVID-19.

According to the report, the UK Office for National Statistics announced that the unemployment rate for university graduates in the UK in the third quarter of last year rose sharply to 12% compared to 8.3% in the same period the previous year.

With lockdown measures and business closures severely worsening the job market, especially for low-skilled jobs, many companies have reduced the number of new graduate hires, making the employment outlook bleak even for highly educated young people.

The WSJ reported that young workers, including university graduates who are newly entering the labor market, remain unemployed and are unable to receive government support benefits such as unemployment allowances.

However, this is considered relatively better compared to the unemployment rate of 13.6% among low-educated young people aged 16 to 24 during the same period.

This content was produced with the assistance of AI translation services.