I've been looking for professional work for over a year now. I do broadcast media, been keeping up my skills volunteering for community TV. Nothing, no callbacks, no interviews. Just too many equally qualified people applying for too few jobs. I do work though. I have six years of education and I clean cars of peanuts. I'm at the point where I'm about to resign to pushing paper in an office or working on a construction site. Construction flag men (sign flippers) get $20/hr! Almost double what I get.
I'm half-heartedly looking. We have an official unemployment rate of about 18%, but the unofficial rate is over 20%. Employers are now asking for bachelor's degrees for entry-level bookkeeping jobs.
I wonder how much it is with underemployment factored in. All the jobs are being replaced by part time and contract work. In my line of work, part time is impossible to survive off of, because so much of it is on call. I couldn't realistically take on a second job. That is if I could even get one. Contract is a little better, until you realize you can't get long term loans (ie a mortgage) because you're a high risk.
Underemployment can be just as bad as unemployment. It can trigger a brain drain. As skilled workers leave, it creates shortages and can decrease economic activity and stifling innovation and creativity. It also creates a situation with a large talent pool is being wasted because supply vastly outweighs demand.
It also begs the question of whether higher education is becoming undervalued. That a degree is not worth nearly what it once was. With tuition fees skyrocketing, kids today are being robbed blind. It's a manufactured problem. The government tells them to go to school or they won't be successful, they do, get loans to pay for ever increasing fees, and graduate with few job prospects and in debt up to their eyeballs.
Society is at a bit of a crossroads right now. I think we really have to reevaluate the way people are education, how companies are hiring, and what realistic opportunities future job markets will hold. Obviously what's been built over the last 30 years is no longer working.