Job Losses Continue to Grow

January’s official jobs report has been released, and the news isn’t good.  Last month, 598,000 non-farm jobs were cut.

Official analysis had predicted that 525,500 jobs would be lost in January, so the actual numbers are a little bit worse than had been expected.

Some of the sectors hardest hit include the following:

• Construction
• Manufacturing
• Professional & Business

Some industries managed to hold on and shed fewer jobs.  The careers that continue to do well include:

• Health
• Education

Students graduating from college this year should expect fierce competition for even entry-level jobs.  If you’ve got an opportunity to gain experience through an internship or part-time job, that could be an extra boost to help you compete in an incresingly ruthless job market.

College should be more than the job you get afterward, but with rising tuition costs and students going in to more debt than ever, you really do need to have a plan on how to earn a wage after graduation.  Is it worth changing majors?  Chances are, you’ll be most successful in a field that you’re passionate about but if there’s no demand for that sector then you’ll never get a chance to prove your worth.  So while you have to be true to yourself, you also should be aware of the less ideal state of the economy:  The final decision is quite personal, and not easy for anyone to make.

Later in the day, the Senate may vote on Obama’s stimulus plan – and the effects of that legislation could have a huge impact on how much money students and schools have to operate with next year.  Regardless of what happens, no college student today should expect to have it so easy as it had been in the past:  The next few years are going to be one rough ride for all of us.