The U.S. economy just notched another month of job gains, and although the unemployment rate edged up to 3.9%, those armed with a new diploma will be entering a job market that looks less promising – at least when compared to one year prior.
That’s because employers plan to hire about 5.8% fewer new college graduates from this year’s class than they hired from the class of 2023, according to a report from the National Association of Colleges and Employers (NACE).
The report indicated that companies across industries such as finance, insurance, real estate and chemical manufacturing have pulled back on hiring after scaling up last year.
However, there are still pockets of growth, mainly in miscellaneous manufacturing, utilities and professional services.
Vicki Salemi, a career expert at Monster, told CNBC that new grads should “stay positive and optimistic.” While entering the real world without securing a job offer can be daunting, those in the class of 2024 “can upskill or pick up a side hustle in the meantime, continue to search and be persistent,” she said.
Recent or soon-to-be graduates can also stay ahead of their competition by networking with parents, professors, family, friends, classmates, neighbors, community groups and alumni networks, both in person and on platforms like LinkedIn.
On average, recent college graduates earn a little more than $62,000 a year, according to ZipRecruiter, with New York’s average starting salary of $64,134 could feel like just $28,479 when adjusted for the Big Apple’s high cost of living, Gusto’s report said.
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