AccountingWEB is more than just a UK team of journalists and financial and technology experts. Our US colleagues at AccountingWEB.com share their ideas and insights.
Graduates concerned over jobs shortage
It’s nearly the end of term for college students in the US and many are worried about their job prospects after graduation.
American graduates are entering a job market where 539,000 jobs were cut in April, and the unemployment rate has now reached 8.9%. US employers are expecting to hire 22% fewer college graduates this year, although accounting graduates aren’t doing too badly compared to some of their peers.
Figures from Monster.com showed that more than 410,000 new US job postings were placed on the site over the 90 days ending 18 April, and among those most in demand were accountants.
Despite the downturn, not everyone is worried. Harry Holzer, a professor at Georgetown University and former chief economist at the US Labour Department said: “There’s always hiring going on. The American labour market is characterised by a lot of churning. Beneath the net job loss numbers, there are always people quitting, so there’s always replacement demand. There’s less new demand, but there’s still hiring”.
Meanwhile, UK graduates are also facing tough conditions. The Office of National Statics revealed today that unemployment rose by 57,100 in April, bringing the jobless rate to 4.7%.
“Unemployment is the country’s number one emergency and the government must use all possible means to address it”, said Brendan Barber, general secretary of the TUC.
“Some people in the City are already talking of recovery, but the only recovery in the real world will be when unemployment starts to fall”, he added.
Despite the grim figures, accountants appear to be faring better than most. Figures from High Fliers Research revealed that the accounting sector will recruit more graduates than any other profession this year, making up 20.9% of the entire market.
Click here to check out what our US sister site AccountingWEB.com had to say on the subject.