Signs of Improvement in the economy
The economic slowdown and the crisis are almost over and although the recovery is slow, there is certainly a bit more optimism in the minds of people than it was a year ago.
However, one thing that still hasn’t recovered is the unemployment problem. Unemployment continues to linger so finding that first job and earning a decent income has not been easy for many new college grads.
Corporate Profits are Up
The economy is definitely recovering and this has been shown on the balance sheets of many companies since profits are certainly going up. More than anything this indicates that consumers are spending their money again instead of saving it.
However, the economic recovery does not appear to be having a positive impact on the unemployment issue. This is because although a lot of companies cut down on their workforce when the going was rough they aren’t exactly in a rush to hire new employees. Therefore students who are preparing to graduate might have some nervous months ahead of them as the hiring season begins.
What about the tuition costs?
While unemployment rates are still hovering close to the 2 digit mark, unwavering and unyielding, one of the interesting aspects on the education front is that tuition costs continue to go up. In fact the tuition hike in many US colleges is in the double digits.
Surveys have revealed that college students in Florida could face up to a 15% increase in tuition fees. Similarly students in Illinois schools could see a 9% hike, while Washington University has hiked the tuition fees in excess of 10%.
Students already have enough on their minds worrying about their job prospects and the kind of career they will be able to have after finishing their education, and the tuition fees hike only gives them an additional thing to worry about.
Is entrepreneurship the solution?
Entrepreneurship is one of the more interesting, but engaging solutions which is currently being debated. There are a lot of educated students out there who are finding it very hard to get a job that they genuinely deserve.
There are quite a few who have lost their jobs during the financial crisis and are now finding it difficult to make ends meet. At a time when the economy is recovering, everyone is looking for that special business model that can not only help them earn revenues but could also provide chances for others.
Entrepreneurship is getting lot of focus as young college grads become more and more proactive. Is this the solution for college graduates? With uncertainty of the job market and corporate America is this the way to go?
Also Worth Reading:
Where are the Jobs? Overseas of Course!
Wealth and Jobs: The Broken Link – From the Harvard Business Review
Why Unemployed College Grads Should Channel Their Inner Entrepreneur
Lousy Economy + College Grads = Web Entrepreneurs
Brutal job market makes entrepreneurs out of young grads
Encouraging College Grads to Pursue an Entrepreneurial Path
After College: You’ve Just Graduated! Now What?