Chinese College Graduates Cannot Secure Jobs: 28% Of Beijing's 2013 Graduates And 44% Of Shanghai's Have Found A Job

IBT reports:

College graduates in China will face a tough reality when they hit the job market this year. By mid-April, only 28.24 percent of Beijing’s 2013 graduates had found jobs, and Shanghai’s graduates fared only slightly better, at 44.4 percent.

The low placement numbers reflect the higher number of graduates this year and the slowdown in China’s economy, experts say. Netizens have dubbed 2013 “the worst year to graduate in history."

This year a total of 6.99 million students graduated with a master's, bachelor's or technical college degree in China, an increase of 190,000 from 2012. In contrast, the number of jobs available decreased by 15 percent compared with 2012, according to China Youth, a state-run youth newspaper. Combined, these statistics mean a large portion of graduates will not have a job coming out of school.

No word yet from college debt pusher Barack Obama on this story.