AJC110107

Twenty-three-year-old Matthew Bishop got an economics degree from Berry College in May 2006 and he's working as a waiter at Applebee's. David Bowles, 22, graduated from the University of Georgia last May with a degree in finance and is still floating resumes. Their stories are similar to thousands of members of the "Millennial" generation — roughly youths 30 and younger — who figured degrees would lead to romantic jobs as traveling writers or filmmakers, only to wind up as bank tellers or clerks— or unemployed. Nobody counts their numbers, but sociologists, psychologists, economists and trend watchers say it's significant, and not likely to decline much until the slumping economy rebounds. At least 20 percent of youths 26 and younger, like Bishop, are living with their parents, says one labor economist at the University of Michigan.

David Morrison, founder of TWENTYSOMETHING Inc., a young adult consultancy in Philadelphia, says that "despite all the hype about low unemployment, there is a poor job market for entry level employees with college degrees. Companies have downsized and are taking a wait and see attitude." And young people, he says, aren't eager to grab onto the first job opportunity offered, like their baby boomer parents did.

Melissa Arredondo of Woodstock, has a doctorate in chemistry from Georgia Tech, and earns money shoveling horse dung out of stables. She's been offered jobs, but can't find anything to match her credentials. "I applied at a liquor store to sell wine," she says. "It paid $8 an hour, but you had to clean toilets."

Morrison says the Millennials have high expectations, but are learning that the job market is tougher than college counselors told them. Still, he says, they have taken a "long term perspective" and many are jaded because they saw their parents get downsized. The problem may be most acute in cities considered magnets for young professionals, such as Atlanta, New York, Washington, D.C., Los Angeles and Chicago.

Part of the problem is that today's grads were reared by work-crazed baby boomers determined to give their children all the advantages, and thereby spoiled them. Many parents of these youngsters are worried, and disappointed, says Kate Brooks, director of the liberal arts career service at the University of Texas. She teaches courses for academic credit that attempt to help students figure out what they really want to do and need to be paid. "Parents often aren't comfortable with starter jobs," she says. "Some fields just don't pay that much, and the students need to know what those are."

Bowles says he's sent out hundreds of resumes, but has had only a few interviews. Bishop has found that "it's not a good time to break into banking, because the industry is having a tough time." Lauren Hoffman, 27, who has a master's in journalism, found a job just after graduating, but it disappeared when the company downsized. Now she's working for the Boys and Girls Clubs of America. She says she likes it, but is disappointed that she's not involved in fashion, interior design or music.

Experts says the young grads need to be patient. But that's not so easy, Bowles says. "All the entry level jobs require one to three year of experience," he says. "But how do you get experience if you don't have any?"