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An empirical analysis used data for 12 European countries from the 1988-1997 European Community Labour Force Survey to assess the effects of cyclical changes in aggregate economic conditions, changing youth cohort sizes, increasing educational expansion, and structural changes in labor demand on new labor force participants. Emphasis was on the unemployment risks and occupational allocations of these labor market entrants. The study found that unemployment risks have closely followed the evolution of aggregate economic conditions with only a little impact from demographic factors. Changes in occupational allocation, in turn, are much dependent on the relative evolution of educational expansion and professionalization tendencies. In addition, these trends do not affect all educational leavers evenly. The lowest qualified are most heavily affected by cyclical changes in economic conditions, while leavers from university-level education have been more strongly affected by trends of changing occupational attainment. Increasing labor force professionalization is found to contribute to increasing labor market difficulties among the lowest qualified. (Contains 83 references.) (KC)