http://www.dailytoreador.com/la-vida/college-s-seniors-face-unusually-dismal-job-market-1.2245660
http://www.macon.com/2010/04/25/1106422/tough-assignment.html
http://www.tampabay.com/news/education/college/new-college-graduates-face-a-tight-job-market/1090306
http://www.economist.com/business-finance/displaystory.cfm?story_id=16010303
From sunbelt Florida to Georgia to Texas the local hiring reports remain negative for college grads for the second straight year.
When engineering students can’t find jobs, you know there’s a major problem.
When the Wall Street Journal writes about white collar parents and unemployed children, you know there’s a major problem.
The recovery graph in the latest Economist article shows that recovery is far slower than in past recessions.
Only the US News & World Report headline writer could find a way to put a positive spin on the situation with “Rosier Job Outlook for College Grads”, but even they recognized that “the job market remains treacherous for college grads”.
Net job creation finally turned positive last month. The leading economic indicators have been positive for 12 months in a row. Some reports, like record 27% housing sale increases, are “off the charts” positive, even if driven by an expiring tax credit.
Nonetheless, this will be a slow recovery. The 2002-2008 recovery was panned as the jobless recovery. Historically, financial crises require significant time to heal. The overextended American consumer, government, banks and dollar need time to adjust. The flexible US workforce has responded by increasing productivity by 6%, reducing the need to hire. Corporations budgeted for capital projects and new hires in 2010, but have not yet released the funds.
Like “the little engine who could”, it will take time for this economy to build up a head of steam. As the economy recovers, hiring will increase and employers will welcome those new college grads to cost-effectively replace those retiring Baby Boomers whose investments have gained 70% in the last year.
Good News 