March 19, 2008
BETHLEHEM, PA—Employers expect to hire 8 percent more new college graduates from the Class of 2008 than they hired from the Class of 2007, according to the Job Outlook 2008 Spring Update report, released today by the National Association of Colleges and Employers (NACE).
Despite that positive outlook, the current negative economic climate has had an effect on the hiring prospects of new college graduates.
In fact, although hiring projections remain positive, they have cooled off since the fall of 2007, when employers projected a 16 percent increase in college hiring for the Class of 2008.
That drop off, however, is tempered by the fact that much of the negative impact is concentrated in specific industries, such as finance, leaving a significant portion of the market for new college graduates robust.
Moreover, many employers responding to the current survey reported that they had concentrated a large portion of their hiring activity in the fall, and less than 1 percent expect to rescind the job offers they made then.
The overall effect on this year’s graduates?
"In general, the hiring outlook remains positive, and many seniors have already received job offers,” says Marilyn Mackes, NACE executive director. “New college graduates just entering the job market will likely find fewer opportunities than originally anticipated. It will also mean that graduates who were focused on particular industries, such as finance, may need to adjust their target industries.”
About the Job Outlook 2008 Spring Update survey: The Job Outlook 2008 Spring Update is the third and final survey in a series conducted by NACE throughout the 2007-08 academic year to gauge employers’ hiring intentions and gather data on other issues related to the employment of new college graduates.
NACE surveyed 1,139 of its employer members from February 11 – 29, 2008; 214, or 18.8 percent, responded. Of those responding, 46.5 percent were service sector employers, 45.1 percent were manufacturers, and 8.5 percent were government/nonprofit employers. By region, 32.9 percent of respondents were from the South, 24.4 percent were from the Midwest, 27.2 percent were from the Northeast, and the remaining 15.5 percent were from the West.
In addition to its Job Outlook surveys, NACE monitors demand for new college graduates through its Salary Survey report, which captures starting salary offer information for more than 70 disciplines at the bachelor’s degree level. The next Salary Survey report will be issued in April.
About NACE: Since 1956, the National Association of Colleges and Employers (NACE) has been the leading source of information about the college job market. NACE maintains a virtual press room for the media. NACE is headquartered in Bethlehem, Pennsylvania.
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