Recent College Grads Say Future Looks Bleak

The future looks bleak for many young people who've entered the workforce since 2006.  A new survey of high school graduates from the John J. Heldrich Center for Workforce Development at Rutgers University finds only 3 in 10 are employed full time, compared with all college graduates, who are employed at nearly twice that rate.

Some 73 percent of high school grads think they need more education to have a successful career.  According to a Heldrich survey released in May only one fifth of recent  graduates of four-year colleges and universities said their generation will have more success than the generation before them. More than twice as many (58 percent) said they will have less financial success than the previous generation.  The reports find the situation facing less-educated young people appears to be far worse than it is for college grads.

Who knew what and when at JP Morgan Chase before the bank lost huge bets on derivatives? Those questions are to be raised today at a Senate hearing.  The US Comptroller of the Currency is set to appear, telling the Banking Committee that starting late last year, JPMorgan changed its strategy aimed at containing risk. The agency is examining whether the bank's policies were inadequate before it suffered a $2 billion-plus trading loss this spring.

The agency, part of the Treasury Department, oversees about 2,000 national banks and has had about 65 examiners onsite at JPMorgan's offices. The lead government regulator is also reported to be looking into whether the bank provided adequate information about its trading strategies before the risky trades were made.

Stock averages rose yesterday, but Facebook fell for the third day in a row. The stock lost nearly 4 percent, to close Tuesday at $25.87. It is 32 percent below its initial public offering price of $38. It's the stock's lowest closing price to date. There have been concerns about Facebook's ability to keep increasing revenue and make money from its growing mobile audience.

Investor Warren Buffett says that despite recent signs of weakness, the U.S. economy isn't likely to slip back into a recession. But he warned that could change if the effects of Europe's financial crisis were to "spill over in a big way."  The Federal Reserve today releases its Beige Book economic survey, prepared for the next policy-setting meeting.

Richard Davies Business Correspondent ABC NEWS Radio

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