Securing your first job as a new college graduate in Philadelphia is proving to be a significant challenge, according to a recent ADP study, writes Isaac Avilucea for AXIOS Philadelphia.
The Philadelphia metro area ranked in the lower tier among 55 metro areas evaluated by ADP, considering factors such as affordability, wages, and hiring activity.
Overall, the job market remains challenging for recent college graduates. Although private-sector layoffs are at historically low levels, many businesses are currently postponing hiring. While the national unemployment rate hovered around four percent in June, it is actually closer to seven percent for college graduates. This trend is being further impacted by the growing adoption of AI, as companies continue to explore ways to increase workforce productivity through automation.
Philadelphia ranked No. 40 based on cost-of-living data and hiring rates for degree-required jobs, with wages adjusted for affordability. Another metric used in the assessment was ADP payroll data for over 5 million U.S. workers in their 20s.
After accounting for living expenses, Philadelphia’s average entry-level salary of $51,365 effectively amounts to around $49,000. Additionally, the hiring rate stood at 2.2 percent.
Read more about how new Philadelphia college graduates far on the job market compared to other areas in AXIOS Philadelphia.
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