What has happened to the college graduates who received their diplomas last Spring? Since that time, the word on the street—or at least on Wall Street—is that we are no longer in recession. But the improving public mood has not translated yet into hiring. According to the Bureau of Labor Statistics, the overall unemployment rate inched up to 9.8% in September, with no demographic group being spared.

On the surface, the 9.3% unemployment rate for college grads with a bachelor’s degree under the age of 25 seems quite positive. After all, the National Association of Colleges and Employers survey of 16,000 college seniors, conducted through April 30, 2009, concluded that only 19.7% had jobs lined up by graduation. Unfortunately, the Bureau of Labor Statistics data hide some more troubling information.