An analysis based on U.S. census data of labor market opportunities for young, inexperienced college graduates (out of school less than five years) over the last three decades and projected into the next reveals significant trends. These opportunities are measured by types of jobs held and relative earnings. Comparisons of government figures on actual and projected growth in educational attainments and in employment show that during the 1960s college graduates increased their chances of finding high-level jobs. But during the 1970s opportunities deteriorated rapidly; job opportunities in the 1980s will be more like the 1950s and 1970s than the 1960s. Black college graduates' earnings relative to those of their white counterparts improved slightly over the last two decades. White female college graduates experienced no such improvement. Female and minority college graduates still earn less than white male high school graduates. While the educational attainments of U.S. workers continue to increase, employment growth in the 1980s will not produce widespread opportunities in high-level fields. College graduates may continue to hold an advantage in the labor market, but increasing numbers will have to accept jobs incommensurate with their training. Twelve tables include information on employment growth, earnings, and educational attainments. (PB)