The struggles college graduates faced to find jobs in the past year may soon come to an end.
More than a year after the economy's historic 773 point drop, the Dow Jones Industrial Average reached 10,000 last week for the first time since Oct. 7, 2008 -- a milestone that Michael Hicks, director of Bureau of Business Research says is a good sign for college graduates still seeking that first job.
"The recession was probably over in the beginning of summer," he said. "The problem is it doesn't feel like it's over if you don't have a job."
However, Hicks says the market and job opportunities for students are looking up.
The unemployment rate in Indiana is steadily dropping, falling 0.7 percent from July to August. Numbers for September weren't available at the time of publication.
Also, since about six out of 10 homes hold stocks today, he said, last week's Dow Jones climb had "a huge psychological effect" on the public morale.
"It's a good signal to everybody that the world didn't come to an end, as many people thought," he said.
Hicks said although the recession is showing positive signs of a rebound, many Hoosiers are still feeling the negative effects of it.
Even with a significant drop in the unemployment rate last month, it is still more than double the rate before the recession hit. And the unemployment rate for college graduates is still 2 percent higher than it was before the recession.
Hicks said despite these factors, success after college will still heavily depend on a student's major and performance.
"You'll feel [the effects of how you did in college ] long before you feel any of the recession," he said.
Joe Goodwin, assistant director of the Career Center, said high demand jobs continue to be in fields such as health care, engineering, accounting and applied sciences.
"They're more in demand and more are hiring," he said. "There are fewer of them and have been in demand for many years."
Hicks said students entering positions paid by state governments could still have trouble getting a job until the economy fully recovers.
"When the economy is really suffering, those students don't have the same opportunities," he said.
The economy's future won't be certain for at least six months, but Hicks is optimistic about Indiana and the nation.
"Economists see the light at the end of the tunnel. We have very good binoculars," he said. "People will be able to see the light at the end of the tunnel by the middle of next year."
Unemployment rate in Indiana before recession (end of 2007): 4.7%
July 2009 unemployment rate: 10.6% (peak of this recession)
August 2009 unemployment rate: 9.9%
Source: Michael Hicks, director of Bureau of Business Research
Unemployment rate for college graduates in 2007: 2.9%
Unemployment rate for college graduates in 2009: 4.9%
Source: Michael Hicks, director of Bureau of Business Research
Tips on job search:
- If you haven't started, start now
- Be persistent
- Try not to get discouraged
Source: Joe Goodwin, assistant director of the Career Center
Top 5 bachelor's degrees in demand:
-Accounting
-Engineering
-Computer science
-Business administration/management
-Economics/finance
Source: Job Outlook 2009, National Association of Colleges and Employers
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