Mass Layoffs, Job Opportunities for College Graduates in the US Are Increasingly Uncertain

Armfalcon.com, WASHINGTON — Economists say the United States is not in a recession, but many companies appear to be preparing for one. With many employers announcing massive layoffs and others freezing hiring, the batch of 2023 undergraduate graduates are poised to enter an uncertain job market.

“I’ve been looking for a job for a long time. I’ve sent a lot of applications. It’s tough,” said a Loyola University senior, Samer Yacaman.

College career counselor tells FoxNews that there are jobs out there, but the market remains tight after the pandemic. “College graduates need to prepare themselves for that competitive market,” said Sarah Covert, director of operations for the Interim Career Management Center at Tulane University business school. FoxbusinessFriday (5/5/2023).

However, Covert said the class of 2023 was in a much better position than graduates entering the workforce at the peak of the pandemic. “In 2020, it was an important year for those of us who didn’t know what was coming,” said Covert.

“We haven’t seen many offers dropped, but there have been a lot of college graduates whose start dates have been pushed back. We haven’t seen that happen so far for our students.”

Covert added that there are approximately 1,500 employers who have at least one job opening on Tulane’s system and there are at least 5,000 full-time jobs currently uploaded. Meanwhile, in the past six months, companies including Amazon, Disney, Meta and Walmart have announced mass layoffs, slashing a total of 25,000 jobs. There are many other companies that do the same thing.

Covert knows that students may be concerned about the layoffs, but many of these companies are still looking for entry-level employees. The company tries to save money. They know they can get a novice candidate and it won’t be too expensive.

According to the Director of Career Development at Loyola University, Katie Krikorian, seeing the news of layoffs, job seekers might think it happens in every industry, but that’s not the case. “Industries such as hospitality, tourism, education and healthcare are all increasing their staff numbers,” he said.

The National Association of Colleges and Employers (NACE) also has good news for up-and-coming graduates. Its latest report says companies plan to hire around four percent more graduates from the 2023 batch than they do from the 2022 batch. However, this projection drops from previous reports.

In the fall, employers expect a 14.7 percent increase, according to NACE. “It’s a different job market, but not a dismal one,” said Krikorian.

“There are still many opportunities for this generation to find meaningful opportunities.”

Student loan repayments are also expected to be made soon, leading many students to say job security and income are top priorities in their job search.