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Job
Market For Grads Best In Years |
Posted:
5.11.05
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As college seniors get ready to enter the job market this summer
there are more opportunities than in recent years, but many positions
may not offer long-term career opportunities.
Printer-friendly version: PDF
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A recent labor market report from the Department of Labor  showed
that 274,000 new jobs were created in April, far more than economists
expected.
The increase in available jobs comes as nearly 2 million graduates
prepare to receive their degrees this spring. More than 1.3 million
will earn their bachelor's degrees and another 670,000 will earn
associate's degrees or other two-year credentials.
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The job market
for new graduates |
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So how does this hiring season look, and what's the larger economic
climate for young adults entering the workforce?
Unlike past years when the job market was weak and graduates
had a hard time finding jobs, employers are hiring 13 percent
more than they were last year, according to Marilyn Mackes, director
of the National Association of Colleges and Employers.
Employers also are paying slightly higher salaries. In industries
like computer science, computer engineering and information systems,
the association's regular survey of more than 2,000 employers
showed that salaries have increased by between 7 percent and 10
percent from last year.
"They are also improving benefits," Mackes said. "For
example, more than 40 percent are going to be offering signing
bonuses. There will be increased benefits in terms of whether
it's vacation or … recreational facilities."
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The long-term
outlook |
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Despite signs of an improved job market, college graduates still
face an uphill battle finding permanent employment and earning
enough money to pay off costly student loans.
 "The
statistics don't necessarily jibe with what people are seeing
out there on the street because if you're getting out of school
this month and you're looking at job Web sites, you're going to
see new phrases like 'long-term temporary' or 'temporary to permanent',"
said Anya Kamenetz, a writer for the Village Voice in New York
whose column "Generation Next" monitors economic prospects
for young people.
According to Kamenetz, employers are cutting costs by creating
temporary positions that don't come with health care benefits.
"The worry that they have is not 'can I find a job?' but
'is it going to be a solid job, a real job with benefits and real
prospects for advancement?'"
About 30 percent of the job market is in temporary and part-time
jobs, according to Kamenetz.
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Student loan
debt |
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At the same time, students are graduating with larger school
loans to pay off.
Graduates of four-year colleges carried an average balance of
$23,485 in student loan debt and had monthly payments of $184,
according to a 2004 survey by Collegiate Funding Services, a student
loan servicing company.
 "Surveys
are showing that people are postponing big decisions like buying
a car or buying a house, and they may be constrained in looking
for a job or in perhaps moving to a new city, even in starting
a family because of the debt that's weighing them down,"
Kamenetz said.
"When you have an obligation like that … you can't necessarily
take the kind of risks and the kind of bold entrepreneurship that
… is really important to getting ahead in today's competitive
market."
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A grad's
perspective |
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Lindsay Faulkner, a 22-year-old English major graduating from
Fordham University in New York in May, is surprised how many temporary
jobs are listed.
"I've been seeing a lot of entry-level stuff and stuff that's
on a temporary basis for one or two years. Some of the jobs I've
seen available I just know that after four years of college I'm
just not interested."
But, unlike many of her friends, Faulkner does not have a large
amount of debt to pay back.
"I owe like $5,000. I don't owe that much at all. I'm really
lucky," she said. "I know a lot of people who have some
amazing bills they're going to have to pay when they leave. I
feel really lucky that I don't have to deal with that but I feel
badly for my friends that do."
--Compiled
by Kristina Nwazota for NewsHour Extra
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American schools and financial aid should be only for legal citizens of the United States. There should be no exceptions to this.
