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For Class of ’08, A Scramble for Jobs

For Class of ’08, A Scramble for Jobs. Tiffany Arnold Abbey Bertsch Dan Brodnik Russell Burgett. Current Situation. Unemployment Rate National: 5.1% Ohio: 5.5% Cleveland: 5.7% Columbus: 5.1% Cincinnati: 5.4% Toledo: 8.3% US Employers have cut 232,000 positions this year already.

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For Class of ’08, A Scramble for Jobs

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  1. For Class of ’08, A Scramble for Jobs Tiffany Arnold Abbey Bertsch Dan Brodnik Russell Burgett

  2. Current Situation • Unemployment Rate • National: 5.1% • Ohio: 5.5% • Cleveland: 5.7% • Columbus: 5.1% • Cincinnati: 5.4% • Toledo: 8.3% • US Employers have cut 232,000 positions this year already

  3. Outlook for ‘08 Grads • “Rockiest job market in recent years” • Entry-level hiring is scaled back • 17% drop in hiring new graduates from 2007 • Current climate has employers saying: • “Don’t call us, we’ll call you”

  4. Reasons for the Decline • Worsened economic conditions • Ripple effect from sub-prime crisis • Firms are facing higher input costs • Weak dollar • US consumer spending is maxed out • Cutbacks in spending hurting the economy

  5. Where are the Cutbacks? • Financial Service Firms • Overall hiring is anticipated to fall 7.5% • Citigroup Inc. hiring is down 10% • Merrill Lynch & Deloitte LLP’s hiring is flat • IBM’s hiring is flat for a second year • Bear Stearns has rescinded about 100 job offers to graduating seniors

  6. Bright Spots • Large firms are not taking as big of a hit • Sectors with high demand: • Health care • Information Technology • Computer Science • Nonprofit • Government • Energy companies

  7. Top Employers for New Grads • Enterprise Rent-A-Car - 8,500 new hires • Walgreens - 5,924 new hires • Progressive Insurance - 4,208 new hires • Bank of America • Lockheed Martin • General Electric • Intel • Northrop Grumman • Deloitte & Touche • Ernst & Young

  8. Salary Information • Average entry-level salary $39,500 • Increase from $36,000 in 2007 • Accounting & Finance graduates • Salary increase of 1.9% • Business-Administration & Management grads • Salary increase of < 1% • Computer-Science grads • Salary increase of 7.9% • Engineering graduates • Salary increase of 5.7%

  9. Source: WSJ.com

  10. Outlook for the Juniors • Tougher job market for ‘09 graduates • Best way to land a job: • Land at least 1 internship

  11. Questions?

  12. Sources • http://www.bls.gov/home.htm • http://online.wsj.com/article/SB120707629451581051.html • http://www.black-collegian.com/issues/2ndsem08/job_outlook.htm

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