The group getting hit the hardest by plummeting wages caused by high unemployment is the young. The hourly pay for male college graduates ages 23 to 29 fell 11% over the past decade to $21.68 while their female counterparts saw a dip of 7.6% to $18.80, reports the Wall Street Journal. By contrast, the wages for production workers and non-supervisors of all ages ticked up 3% over the same period.
"Students are realizing that they might need to take a stepping-stone job as opposed to that dream job," says one career counselor. The slashed salaries could even shake the economy more as college grads become unable to pay down debts and contribute to consumer spending.