Some say that there are too many people going to university, and others have spent many years lamenting that they cannot find the graduates they need. What is the actual state of the graduate labour market? How many graduates actually are there? How is a graduate job defined, and how many people are there in them? And what does the future hold for…

Existing research generally confirms a countercyclical education enrollment, whereby youths seek shelter in the educational system to avoid hardships in the labor market: the "discouraged worker" thesis. Alternatively, the "encouraged worker" thesis predicts that economic downturns steer individuals away from education because…