After they collect their diplomas and finish celebrating, new college graduates will confront what is, by most accounts, the toughest job market in years. The unemployment rate for recent college graduates reached 5.8% in the first quarter, the highest reading since 2021, according to the Federal Reserve Bank of New York. And the underemployment rate—which measures the share of college grads working in a job that typically does not require a college degree—jumped to 41.2%.