College Grads Facing Worst Job Market in 7 Years

Experts say situation unlikely to improve by fall
By Wesley Oliver,  Newser Staff
Posted Mar 4, 2009 6:10 PM CST
The National Association of Colleges and Employers estimates that employers will hire 22% fewer new graduates this spring.   (Shutter Stock)
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(Newser) – Employers will hire 22% fewer graduates this spring compared to last year—making this year’s dropoff the largest since the 9/11 attacks and the dot-com bust devastated the economy in 2002, BusinessWeek reports. And the situation could worsen, with 46% of employers unsure if hiring levels will rebound by the fall.

Employers previously intended to keep college grad hiring levels even with last year, said an official who published the findings. The recession has particularly bruised the finance and business sectors, where projected hires have plummeted 70.9% and 31.3%, respectively. Accounting grads are still in high demand, but said one expert, “High-demand in this economy is kind of an oxymoron.”