Thinking about the current job market is without a doubt stressful and difficult to keep up with. In the past, this hasn’t been a topic of great interest to me. It isn’t always easy to follow along with all the statistics and whether or not the economy is back on its feet yet. I know as a student just starting out, the topic of the job market didn’t faze me and the economy was not in the position it is in now. I learned quickly in my senior year that the job market was just as important to know about.
Over recent years, the economy is slowly but surely rebounding from the slump it has been in. There have been countless families that have struggled to make ends meet due to job lay-offs and pay cuts. Grad students from recent years are still searching for jobs while the next wave of grad students, like myself, are about to join in the hunt. This is by no means to scare you, but let you know the importance of keeping track of what is going on around you and how it affects you and your future.
Remember, you don’t have to know every little detail. You may want to research areas that are doing better since the economic crash. Chances are you will have more job opportunities there. Since jobs are scarce to come by, I wouldn’t recommend being picky. There is always a chance to move up and be promoted so don’t sell yourself short. Any opportunity you can acquire to get your feet in the door you should take. One thing to remember is that your first job out of college does not have to be the last job you ever get or your career job.
Some other options other college grads have chosen are to attend grad school. Many are hoping that by the time they receive their master’s degree the economy will be in better shape. Others have realized that a lot of jobs require a few years of experience before you are deemed qualified. In order to qualify in ‘experience’ many have decided to take on unpaid internships.
Here I am hoping to give you some insight on what is going on and what the job availability looks like for recent grads. This excerpt was published by The New York Times in May of 2010 and gives insight on how the job market has recovered from such traumatic years. I hope you all get just as much out of this article as I have.
This spring’s college graduates face better job prospects than the dismal environment encountered by last year’s grads. But that doesn’t mean the job market is thriving. Average starting salaries are down, and employers plan to make only 5 percent more job offers to new graduates this spring compared to last spring, when job offers were down 20 percent from 2008 levels, according to a study by the National Association of Colleges and Employers, which tracks recruitment data.
The study by the National Association of Colleges and Employers found that 24 percent of 2010 college graduates who applied for a job have one waiting after graduation, up from 20 percent last year. But the average salary offered to graduates with a bachelor’s degree has slipped 1.7 percent from last year, to $47,673.
Patricia Rose, director of career services at the University of Pennsylvania, said that students had more choices this year. “Last year, people found employment, but there was a sense of musical chairs, that if there’s an empty seat, take it,” she said. “This year, there’s a little more sense of ease.”
The 8 percent unemployment rate is lower than the nation’s overall 9.9 percent jobless rate, but it is high for college graduates, who typically have a lower unemployment rate than those without bachelor’s degrees.
When the academic year started, many employers were pessimistic because of the recession and decided to send fewer recruiters to campus. But with the economy picking up, some companies are making more job offers than they had expected just a few months ago.
By: Steven Greenhouse
Published May 24, 2010
-Heather
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Preparing for a career after college is not an easy process. You have a resume to prepare, a cover letter, possibly a demo reel and a portfolio. In addition to these individual pieces you need to work on; it is beneficial for a second semester senior to inform themselves on the current job market and economy.Although, this topic may not have interested you in the past it definitely should now. Getting a job, unless your going on to grad school, is now the most important thing for you to do and knowing about the job market you are about to step into is important.
Over the past few years as you all may know our economy has not been too great. Many have lost their jobs, businesses have gone under, and many families have been ruined by a certain lack of income. Unemployment was at an extreme high and citizens of the United States didn’t know how long it would take us to bounce back from this “economic recession.” So, for all of you future college grads, I would like to keep you in the know of what is going on with the job market and economy. I promise you, there is hope for all of us.
I did a little bit of research on the internet for all of you guys and here is an important article that I think should help everyone get a better understanding of the goings on of The United States economy and job market as of February 23, 2011…
Hope everyone enjoys, I thought this article was very informative. It explains to us that the worst of the recession is over and more and more people are able to find work. I think it shows hope for us in the way that our economy is on a steady rise and is only going to continue As a result, by May the economy should be even better for us recent college graduates. That is the first article of many for you guys and like I said always stay up to date on the economy and job market, you want to know the type of situation your going to be forced into come May 2011. It is important for everyone to be well informed, not only will it make us smarter people but it will make us more marketable.
-Alycia
From thebostonchannel.com, my personal favorite for local (New England) news…
Unemployment Falls To 9 Percent, Lowest Since 2009
WASHINGTON -- The unemployment rate is suddenly sinking at the fastest pace in a half-century, falling to 9 percent from 9.8 percent in just two months - the most encouraging sign for the job market since the recession ended.
More than half a million people found work in January. A government survey found weak hiring by big companies. But more people appear to be working for themselves or finding jobs at small businesses.
The steepest two-month decline in unemployment since the Eisenhower administration is the latest sign that the economic recovery is picking up speed.
The service sector and manufacturing are growing again at pre-recession rates. The Dow Jones industrial average closed above 12,000 this week for the first time since mid-2008. And retail sales have reached a five-year high.
"It is not all rosy. But we seem to be headed in the right direction," said economist Chris Rupkey at Bank of Tokyo-Mitsubishi. "The recovery is on track - warts and all."
Yields on government bonds rose after the unemployment report came out, a sign that bond traders think the job market is improving and will lift the economy after a year and a half of only modest growth.
An unemployment rate of 9 percent remains very high by historical standards. But the swift decline in the rate could also lift confidence at a time when businesses and individuals are already spending more money, fueling more hiring and still-more spending.
Unemployment has not been this low since April 2009.
"It's the thinking, 'I survived so far and I'll make it through,'" said economist Nigel Gault of IHS Global Insight. "'I can buy the things I postponed buying over the past several years because I'm not worried about my job.'"
It could also encourage people who had given up to look for jobs again, which might push the unemployment rate up temporarily. People out of work aren't counted as unemployed unless they're looking for a job. Typically during a tight job market, some of the unemployed become discouraged and stop looking.
Still, economists think the unemployment rate will fall below 9 percent by year's end - a far brighter outlook than they had a few months ago.
Those with jobs are making a little more, too. Average hourly earnings rose 8 cents to $22.86 in January. Over a 40-hour workweek, the increase works out to $3.20, a couple of cups of coffee.
Wages have risen nearly 2 percent over the past year, faster than the rate of inflation, which means people have more spending power.
The Labor Department survey of company payrolls showed a net gain of 36,000 jobs in January. That's scarcely one-fourth the number needed to keep pace with population growth.
The government uses a separate survey of households to calculate the unemployment rate. It calls 60,000 households and asks people if they're working or looking for a job.
This survey includes some people not counted in the payroll survey: the self-employed, farm workers and domestic help. It also includes those who work at small companies.
By contrast, in the payroll survey, about 140,000 businesses and government agencies send forms to the Labor Department showing how many people are on the payroll and how many hours they worked. The payroll survey can be slower than the household survey to recognize startup companies.
The number of people who described themselves as self-employed rose by 165,000 to 9.7 million in January, the report said. That was the most since May.
In addition, some economists said, the unusually snowy winter might have suppressed hiring at businesses in January. Some construction companies shut down, for instance, and transportation companies cut jobs for couriers and messengers. Neil Dutta, an economist at Bank of America Merrill Lynch, said the figure would probably rebound in February.
"The thumbprints of the weather were all over this report," he said. "We know the job market is recovering."
In another bright spot, the manufacturing sector added 49,000 jobs, the most since August 1998. Retailers added 28,000, the most in a year. Manufacturing output has grown for more than a year, and retail sales for January posted their biggest gain since 2005.
"The worst of the recession is behind us," said Mike Dougherty, president of D&S Manufacturing in Black River Falls, Wis., which makes parts for manufacturers of farm machines and railroad equipment.
He expects demand for his products to rise this year and plans to add about 10 people to his 150-person work force.
The last time the unemployment rate fell so far so fast was in 1958, when it dropped to 6.2 percent from 7.1 percent in two months. At the time, the economy was bouncing back from an eight-month recession.
The rate is falling now in part because some people without jobs have stopped looking. The number who have given up looking rose to 2.8 million last month, from 2.6 million in December.
About 1 million of those workers said they were discouraged. The others stopped looking because they returned to school or for other reasons.
There are still nearly 14 million people unemployed in the United States. That's about twice as in December 2007, when the recession began.
The government also said fewer jobs were created last year than first thought - a net 909,000, down from an estimated 1.1 million. The economy lost about 8 million jobs total in the two years before that.
In the past three months, the economy generated an average of 83,000 net jobs per month, according to the survey of business payrolls. It takes 125,000 jobs a month to keep up with population growth.
The weakness in the government payroll survey was widespread. Restaurants and hotels cut 2,200 jobs, governments 14,000, temporary help agencies 11,000 and financial services companies 10,000.
Health care, one of the few steady job generators through the downturn, added 11,000 jobs, the fewest in almost two years. Financial services lost 10,000 jobs.
The number of people who are employed part-time but would rather be working full-time fell to 8.4 million from 8.9 million in December. Combined with the 13.9 million unemployed and people who have given up looking for work, roughly 25 million people were "underemployed" last month. They amounted to 16.1 of the labor force, down from 16.7 percent in November.
While hiring has yet to pick up in force, businesses have cut back on layoffs. If you still have a job, you are less likely to lose it today than you have been at any point in the past 20 years.
As for those laid off during the recession, some are finding that striking out on their own is a better way.
Bobby Vasquez lost his job as a communications specialist for the city of Houston in April 2009. With financial help from friends and business associates, he launched a website about Deer Park, the Houston suburb where he lives. He doesn't make as much money as before. But he says he is happier.
"Because of the way the economy worked out, I'm actually achieving a dream 10 or 20 years earlier than I thought I would," he said.
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AP Economics Writer Paul Wiseman contributed to this report.
