Saturday, February 21, 2009

The UTEP Prospector's Mr. Juan Manuel Ramirez IV has the story of the hour:

"Tough job market awaits college grads"

¡Ora, UTEP!

¡Adelante, DESTINO!

¡Ora, MEChA!

Adapted from The UTEP Prospector, Tuesday. February 17, 2009.

"With employers cutting costs and slashing payrolls nationwide, recent and soon - to - be UTEP graduates can expect to face some of the worst conditions in years in their search for employment.

"[S]aid Tom Fullerton, professor of economics at UTEP, Without a doubt, the job market in 2009 is going to be weaker for college graduates than what was the case in 2007.

"More and more college graduates are entering the workforce and this increase could spell serious trouble for an economy that continues to hemorrhage jobs.

"The Labor Department reported earlier this month that another 598,000 jobs were eliminated in the U.S. in January, the most job losses for a one - month period in more than 34 years.

"As a result, the unemployment rate has climbed to 7.6 percent, the highest it has been since 1992.

"As joblessness has risen across the board, just about every segment of the population is feeling the effects, including those armed with a bachelor, masters or doctoral degree.

"Gone are the days, seemingly, when getting a college degree automatically meant landing a steady job following graduation.

"[UTEP economics professor Tom] Fullerton said, A college degree does not guarantee anything.

"Analysts from the U.S. Department of Labor believe that the jobless rate among degree - holders may soon exceed 4 percent, a level that has never been reached in the 39 years since the agency started keeping track of such polls..."

A tough, fascinating read!


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