The economy grew at a 3.5 percent pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes. It’s the strongest signal yet that the economy has entered a new, though fragile, phase of recovery and that the worst recession since the 1930s has ended, according to the Associated Press.
While the economy still has a very rocky and upward hill to climb before it reaches a more solid footing, these new statistics just released by the Commerce Department offer a beacon of hope for Americans, but for graduating college students, they may have to be a bit more patient as they begin their real-world job search in the next few months.
The unemployment rate is at a 26-year high of 9.8 percent and expected to climb to about 10.5 percent towards the middle of 2010. From there, experts are predicting the unemployment rate will begin to decline.
But for graduating college students, securing a job after graduation might still be a precarious picture, particularly as businesses are placed with the burden of keeping the recovering economy on its steady upswing while also reconciling the reduction in consumer spending. As unemployment rises and wages decline, analysts predict that Americans will continue to tighten their wallets until employment starts to grow again.
While all of this news may still appear glum, there are numerous signs that the economy is beginning to get better. And over the next few months, EduInReview.com will keep a close pulse on the job market for you, update you on industries that are expected to hire and not hire and provide you with effective job search strategies.