The class of 2011 might have an easier time than expected finding jobs next year, according to a new study by Michigan State University. According to the report, titled Recruiting Trends 2010-2011, national hiring is expected to increase by three percent altogether, with an anticipated 10 percent growth in hiring of bachelor and MBA degree holders and a five percent increase for those with PhDs.
Analysis of approximately 4,600 employers reveals that the job-market rebound can be attributed to a cessation of hiring freezes among larger companies as well as growth in small, fast-growth businesses. The report's principal investigator, Phil Gardner, says he expects to see the largest increase in jobs for college grads in Illinois, Indiana, Michigan, Ohio and Wisconsin. The industries expected to lead in hiring are manufacturing, professional services, commercial banking and federal government.
Although these numbers are promising, Gardner warns in the report's conclusion that the economic climate remains difficult: "The national economy is certainly not returning to its previous high production base. And even though the economy has shown early signs of sustained recovery, the overall job market has remained relatively anemic."
Other graduates should take note of this forecast -- Gardner predicts a decline in hiring of associate, master and professional degree holders. Furthermore, he notes that growth in certain industries does not preclude decline in others -- such as local government, academic institutions and certain professions, like law. And the average salary for an entry-level position for those with bachelor's degrees remains low at $36,866 per year -- as opposed to $46,500 in 2008-09 (although it should be noted that an increase in the data pool for this year's report make such comparisons difficult.)
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