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New grad job outlook: Higher salaries, fewer offers

For graduates of the Class of 2018, life in the actual world is a glass half empty and full.

On one hand, these armed with a newly minted diploma are heading right into a job market with the lowest unemployment in 17 years and better beginning salaries.

In reality, new grads are projected to have greater salaries throughout all 10 diploma classes starting from enterprise to humanities from simply final yr, when graduates earned a median of $51,zero22, in line with a current survey by the National Association of Colleges and Employers.

But job prospects have fallen; in some instances, considerably.

Employers plan to rent 1.three % fewer graduates from the Class of 2018 than they did from the Class of 2017, NACE mentioned. That marks the primary hiring lower because the Class of 2010, on the finish of the recession, when employers deliberate to chop hiring by 7 %.

“Insurance and retail companies were decreasing their hires in large numbers and that brought the overall number down,” mentioned NACE analysis supervisor Andrea Koncz. The most up-to-date devastating hurricane season, coupled with a big shift towards on-line procuring, resulted in much less demand for workers in these industries, she mentioned.

In the report, 43 % of employers mentioned they deliberate to extend hiring within the yr forward. More than half mentioned they deliberate to keep up hiring numbers.

It’s additionally a glass half empty for millennials coming into the workforce with extra pupil mortgage debt than any earlier era.

Over the final decade, school mortgage balances within the U.S. have jumped to an all-time excessive of $1.four trillion, in line with a report by Experian. The common excellent steadiness is $34,144, up 62 % during the last 10 years.

As a consequence, practically 4 in 10 current graduates do not suppose it is probably they will have the ability to repay their pupil mortgage debt inside 10 years, in line with a separate report by NerdWallet. Many additionally mentioned that their pupil loans will influence their long-term plans to purchase a house, get married and even have kids.

And as soon as they do land a job, greater than 10 % predicted they may by no means have the ability to retire.

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About Virgie Powell

Virgie B. Powell writes for Reiterment Planning and Tax Advice sections in AmericaRichest.

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