Despite the recent stock market rebound, the U.S. economy is still feeling the effects of the Sept. 11 attacks. The job market is closely linked to the economy, and it is unsure if graduating seniors will suffer as well.
UW-Madison business professor Richard Green said seniors may have difficulties breaking into the job market.
“It will be much tougher than the last couple of years,” Green said.
Green was careful to make the distinction between the immediate effects of the attacks and the previously slipping economy. The slumping job market can be attributed more to the slipping economy than the events on Sept. 11, he said, because the economy was already sliding prior to the attacks. If recession continues, and companies downsize, jobs will be much more difficult to acquire.
Because consumer confidence contributes to two-thirds of the economic security, how consumers react is also important. Interest rates were reduced to encourage consumers to continue spending.
Increased government spending over next few months for relief efforts, increased security and defense efforts should boost the economy. However, if consumers remain leery of spending, a recession, which will further injure the job market, is even more probable.
Although the overall job outlook is grim — and has been for the last few months — there is good news for UW students.
“Many companies are still coming to campus to recruit employees,” said Greg Iaccarino of the UW Letters and Sciences Career Office.
At the recent L&S Career Expo 2001 over 50 companies were actively recruiting. Companies included American Express Financial Services, Ernst & Young, Ann Taylor and Best Buy.
Establishing a relationship with those in the business world can help when the economy is weak.
“In an unpredictable economy, it is key to make as many contacts as possible,” Iaccarino said.
UW economics professor Steven Durlauf said UW students can overcome the weakened job market.
“UW students need to be more aggressive,” he said. “How do you overcome uncertainty? Be more aggressive, send out more resumes.”
Resources exist for students currently job searching. The UW Alumni Association SEARCH service connects UW students with businesses and alumni in their field of interest and can be contacted at www.uwalumni.com.