The question below was posed to Forbes.com blogger members like myself:
Question:
Recently, the U.S. Bureau of Labor Statistics reported a jump in the unemployment rate to 10.2%.Some economists think we could be looking at 10.5% by early next year.
Given these grim forecasts, how do you counsel recent college graduates and others entering the job market for the first time in this employment climate? Is there any advice or strategies you find particularly useful?
My Answer:
My advice to new graduates would be to continue to be aggressive looking for jobs, despite the economy and the dire predictions. While I do believe things will get worse, that does not mean new graduates will not be able find a job.
There is always a constant rotation in what jobs are in favor or out of favor. Your specialty might be in demand, while others are not. Additionally, some companies like to shed more experienced workers for newer younger workers. This can be for a couple of reasons. One, new workers can bring new energy and ideas to a company. Two, and probably more prevalent, is that companies, like Government contractors, can use lower labor categories for new, less experienced workers, and therefore be more price competitive when they bid for contracts.
Either way, doing nothing or giving up is never the answer. Always keep trying.
Good luck out there! Rob
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I have been investing for 17 years and have a degree in Finance from U of MD. I am a former Registered Investment Advisor.