Is Washington D.C. Reaping The Employment Benefits of the Down Economy?

With the U.S. experiencing its worst recession in decades, students appear to be viewing government jobs as a more viable alternative than the uncertain prospects of landing a cushy private sector job.

The US unemployment rate jumped to 9.4% in May. This is bad news for those emerging from colleges and universities, with recent graduates competing against an older and more experienced group of unemployed workers.

The National Association of Colleges and Employers projected a 21.6% drop in the number of college graduate new hires. The banking industry will take the biggest hit at 70.9%.

As a result, Washington D.C. has been adding jobs since early 2008 according to the Department of Labor.

Moody's cites the overseeing of the Economic Stimulus Package as one of the largest drivers of new jobs in the Washington D.C. area.

A recent article from MSNBC cites that many college graduates are more interested in the types of jobs that boost their social conscience rather than their income. Stating that recent graduates feel empowered by the recent political and economic climate.