College Grads Could Face Tough Job Market Again
I’d like to wish the best of luck to college seniors on track to graduate in May.
Because it sounds like they’re going to need it.
From CNN Money’s Hibah Yousuf yesterday:
It’s a tough time to be starting a career.
This year has been extremely rough: New college graduates had 40% fewer job prospects, a new report shows.
And the outlook for 2010, while better, is still not very promising.
Jobs for graduates with bachelor’s degrees, which account for most new graduate hires, will drop nearly 1% next year, according to Michigan State University’s survey on recruiting trends.
Overall, hiring of grads with any degree will decline by 2% compared to 2009.
“Things fell apart really fast last year, but it looks like the job market for graduates has hit a bottom,” said Phil Gardner, director of MSU’s Collegiate Employment Research Institute, which conducts the annual survey.
For sure, the job market in 2009 suffered an extraordinary decline. A year ago, Gardner anticipated that employment for new graduates would fall by as much as 10% in 2009. The national unemployment rate, now 10.2%, was 6.8% last November.
Graduates with advanced degrees are looking at a mixed job market. Yousuf wrote:
Hiring of master’s degree graduates will plummet by 11% based on a weaker labor market for accounting students, the study said.
Jobs for Ph.D.s will spike by 20% and those for MBA graduates will rise 11%.
“No degree for you!”
Source:
“Job outlook for 2010 grads: Still stinks”
Hibah Yousuf
CNN Money, November 18, 2009
November 20th, 2009 at 4:51 pm
“Things fell apart really fast last year, but it looks like the job market for graduates has hit a bottom…”
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Really? How is it possible for the job market for college graduates to hit bottom, while this country’s unemployment rate is still increasing as the layoffs continue?
Inquiring minds want to know!
November 21st, 2009 at 7:57 pm
Thanks for the comment Mammoth.
“How is it possible for the job market for college graduates to hit bottom…”
Too funny Mammoth. I was thinking the SAME thing when I read this statement. Unfortunately, no answer as to how they came to this conclusion about a “job market bottom for graduates.”