College graduates still in high demand
April 20, 2008
With the U.S. economy struggling, graduating college students may be concerned that jobs won’t be available to them after they graduate. Depending on what job market graduates are going into, however, they may find it easier than expected.
Peter Orazem, university professor of economics, hasn’t seen a very noticeable change in the job market.
“From what I see, the job market hasn’t begun to slow down,” Orazem said.
Orazem said there is a high demand for college graduates and, although it appears the economy is headed toward a recession, they should have relatively few problems finding jobs.
“Unemployment for college graduates is very low – around 2 to 3 percent – relative to overall rates that are double that or more,” Orazem said.
Although there doesn’t seem to be a shortage of jobs now, Orazem admitted, “this could be a bad year.”
Historically, when the U.S. economy is doing poorly, the job market has been more difficult to enter. And with the weak economy, financial institutions are going to be searching for more experienced employees, making things difficult for newly graduated students in finance.
“We know what sectors are weak,” Orazem said. “If you’re in finance right now, it’s going to be a little bit tougher. People involved in banking and finance are going to have a lot of trouble [finding jobs].”
Kathy Wieland, program coordinator of business career services, agreed with Orazem. Wieland and Orazem pointed to real estate as another weak sector.
However, Wieland and Orazem said the job market is still doing fairly well.
“There are a few sectors that you’ll find a decline in, but it’s still a good time to find a job,” Wieland said.
Brendan Gargano, senior in integrated studio arts, has started looking for a job. He said his chosen area of study will make it hard for him to find a job after college.
“It will be hard because you don’t find a lot of people saying they’re looking specifically for drawing or painting,” Gargano said.
Wieland suggested students “have a job-seeking plan throughout college and execute it.”
Wieland said students are too often using online job boards online like Monster.com. Job boards can be part of a student’s search for employment but “you have to be focusing on good companies and people that can make something happen for you rather than just looking at job postings,” she said.
Orazem said that, while the job market is not weak, but “you will find pockets of weakness and pockets of strength in the job market.”