A Tale of Three Job Markets - What Should This Year's College Grads Expect?

According to Challenger, Gray & Christmas, a global outplacement consulting firm, a recent report from the government on the nation's job growth could make it very hard for this year's estimated 1.3 million college graduates to get hired. Per Challenger, Gray and Christmas, the Labor Department stated that the economy only created 97,000 jobs in February 2007, the weakest monthly job creation number in two years. This number was down from a gain of 146,000 jobs in January 2007. Many of those jobs added were lower-paying in the health care and food services industry. Professional and business services saw a net growth of 29,000 new jobs. However, 39 percent of those professional services jobs were in "services to buildings and dwellings," which included janitorial, landscaping, exterminating, pest control and upholstering jobs. In addition, February 2007 also saw the largest jump in job losses in five months, increasing by 33 percent.

Contrast that with the most recent annual Job Outlook 2007 survey from the National Association of Colleges and Employers, NACE, where employers reported a planned 17.4% increase in hiring new graduates. Approximately 80% of those employers also plan to increase salary offers to graduates. The NACE Survey results were published last September as college career centers geared up for their fall college recruiting season. The following are some of the average starting salaries and the associated percentage increases anticipated for some of the hottest majors for 2007 graduates.

Marketing $41,323 (Salaries up by 10.3%)
Retail/Wholesale $43,078
Logistics/Material Management $43,294
Accounting $46,508 (Salaries up by 2.7%)
Business Administration/Management $43,523 (Salaries up by 7%)
Economics $51,631
Finance $47,905
Computer Science $51,070 (Salaries up by 2.5%)
Software Design & Development $53,989
Chemical Engineering $60,054
Civil Engineering $47,145 (Salaries up by 4.8%)
Electrical Engineering $54,599
Mechanical Engineering $54,587 (Salaries up by 5.7%)