Millions of college grads will be heading out into the work force in just a few short months, but the job market they face is a tough one.

A new study shows that, when it comes to wages, young people are getting hit hard.

Average incomes for those between the ages of 23 to 29 have been declining over the past decade, and the losses since the recession have been even more pronounced.

Entry level wages for male college grads dropped 11-percent in the last ten years, while wages for female grads dropped by almost 8-percent. That's according to a new report from the Economic Policy Institute.

In terms of actual dollars, men with a college degree make a little more than $21 an hour on average. That works out to $45,000 a year.

Women make even less than that, just under $19 an hour or $39,000 a year.

Experts say the downward trend is having a big impact, because it takes people much longer to pay off their student loans and it limits their spending, which in turn hurts the economy.