College graduates are facing the most challenging spring job market since the pandemic, with unemployment at 5.6% for those aged 22-27. Employers have reduced participation in campus career fairs nationwide while 40% of employed graduates work in roles that don't typically require college degrees, the highest level since 2020.

This downturn stems from a "low hire, low fire" labor market dynamics where job openings have fallen below pre-pandemic levels despite minimal layoffs. Industries that typically attract graduates—technology, media, accounting, and consulting—have seen concentrated cool-downs. Meanwhile, older workers continue holding positions longer, creating workplace congestion that limits entry-level opportunities.

Recent graduates like Erin Torres, who has applied to nearly 200 jobs with only four interviews, are adjusting expectations and considering entrepreneurship. Career centers advise students to apply broadly while economists note graduates still fare better than non-degree holders during weak hiring periods, maintaining a slight edge in employment rates and pay.