One people out of every three who graduated from university in the past six years is in a job requiring only the skills of a school-leaver, up from one in four a decade ago.A 21-year-old graduate is about as likely to be unemployed in the he leaves full-time education as a 16-year-old school leaver with only GCSEs.

The proportion of newish graduates in lower-skilled job was rising even before economic growth reversed in 2008. The downturn just steepened the slope. The laws of supply and demand are one reason.

But if the outlook for graduates is dim, it's far worse for their less-educated counterparts.