TOM FOREMAN, CNN CORRESPONDENT (voice-over): Every day on the busy streets of New York, Kellock Irvin is hunting. He received his college degree last year. He moved here from the west coast and thought finding a job in marketing was the next logical step.</s>KELLOCK IRVIN, UNEMPLOYED GRADUATE: Not necessarily it would be an easy task, but it wouldn't be something that almost eight months since graduating, I am still struggling with.</s>FOREMAN: He's not alone.</s>BARACK OBAMA, PRESIDENT OF THE UNITED STATES: Our economy is adding jobs, but too many people still can't find full time employment.</s>FOREMAN: When President Obama took office, 134 million Americans were working in non-farm jobs. Today after massive losses and a slow recovery, we're only 1.2 million jobs better off and many pay less than those who were lost. A recent study by the Center for College Affordability found almost half of college graduates are in jobs that do not require four year degree, things like janitorial services, taxi driving and retail sales. Professor Richard Vedder at Ohio University helped author that study.</s>RICHARD VEDDER, OHIO UNIVERSITY: Let's say each one of them were making $20,000 a year more in income, which is quite plausible. We're talking about $400 billion a year in lost wages.</s>FOREMAN: Numbers like that have made some economic analysts argue that underemployment may be every bit as damaging to the economy as unemployment. And Kellock Irvin is caught in the middle of it all. For now he's taking freelance jobs as a photographer and part time work with moving companies but --</s>IRVN: I can only support myself so long before I may need to move back home.</s>FOREMAN: He may be the next one needing to move back home. Tom Foreman, CNN, Washington.
Has College Degree, Can't Find Work