Wednesday, May 20, 2009

Just How Bad is the Job Market for the Class of '09

Yeah, everyone knows job losses have been downright ugly for some time now. But, what about all those new college grads being churned out this year. Sure some positions may have a fairly positive outlook, but far less have a red-hot demand as in years past. Tech is beat up, hospitals are laying off people, finance is all kinds of bad --- at least education and government are still hiring.

This is bad news for everyone, but if you are penny less and have some fresh student loans to pay off, things can be even more daunting. Gone are the good old days when parents could finance their kid's education or when students could make enough over the summer to pay most of their tuition. Enter the new reality, student loans and a world where a college degree is a bare minimum.

The WSJ is reporting that people who graduate in a recession end up making less over their entire careers, not just in that first job. Apparently employers are saying that they will hire 22% fewer college grads this year. That is especially bad news for all the history, english and philosophy majors entering the workforce this year. Read the whole story at WSJ.

Image Credit: quinn.anya @ Flickr