For college students, summer jobs are often important sources of experience and income, but as universities let out for summer break, students are facing one of the toughest job markets in recent history.
While the latest unemployment figures are encouraging, with layoffs down and 431,000 jobs reported to have been added in May, unemployment is still hovering around the 10 percent range. For younger workers 16-24, the situation is much worse. According to a recent report of the Joint Economic Committee the unemployment rate for young workers ages 16-24 was 19.6% in April 2010 — the highest unemployment rate for this age group since the Bureau of Labor Statistics began tracking unemployment data in 1947. As a result, younger workers make up a disproportionate share of the unemployed: while 16-24 year olds comprise 13 percent of the labor force, they now account for 26 percent of the unemployed.
This summer’s job tight market for students is further compounded by the fact many overqualified workers are willing to take lower-paying jobs, and many companies have tightened up their professional internship programs as a means for cost savings. For the internships that do exist, most slots have been secured by April or May.
What should students do when entry-level jobs and professional internships are scarce? It’s important to buck tradition and get creative with a whole lot of tenacity, enthusiasm and most of all – flexibility.
Here are some suggestions…
