This report considers the question of what becomes of college graduates who are newly qualified to teach and who face a teacher surplus. National statistics provide data on the following questions: What is the state of the market for new teachers? How do graduates newly qualified to teach fare in the labor market compared to other graduates? What kinds of jobs do graduates newly qualified to teach get when they aren't teaching? and, What is the outlook for teaching jobs over the next several years? These questions are examined for bachelor's degree recipients who were graduated between July 1, 1976, and June 30, 1977. Their job status is that which existed in February 1978. In certain cases, comparisons are made with those who were graduated during the same period two years earlier. The statistics show that there were fewer graduates newly qualified to teach in 1976-77 than in 1974-75, and that data group fared somewhat better than their peers two years earlier. Most graduated in the fields of special education, general elementary, and English instruction. (JD)