Most American workers are enjoying a healthy labor market — with the exception of fresh graduates.

The job outlook for those just out of college hasn’t been so grim since 1990, according to new data from the Federal Reserve Bank of New York, which outlined the bleak job situation young college grads are facing.

The Fed defines a recent college grad as those ages 22 to 27 — young millennials and Generation Z — with a bachelor’s degree.

And for those who are working, the jobs may not be much to write home about: Underemployment rates, or the share of graduates working in jobs that typically do not require a college degree, are also high, at more than 30 percent for college grads and over 40 percent for recent grads.

Despite inflation and an increased cost of school and living, annual wages for college grads have also been unimpressive, with only small dips and spikes since 1990. For those with a bachelor’s degree, that median is roughly $44,000 a year.

The Fed data also delves into which majors are hardest hit by recent job trends. Those who studied “mass media,” liberal arts, anthropology and philosophy all faced an unemployment rate of over 6 percent (compared to an average 3.9 percent unemployment rate). Young college grads who studied the performing arts and criminal justice faced the highest underemployment rates, at 65 and 73 percent, respectively.

The data come at a time when Americans are taking up freelance work at an increasing rate, and college grads are drowning in student debt.