Personal Finances
Salaries, offers drop for graduates
Thursday, September 10, 2009
Brafton
According to the National Association of Colleges and Employers the average salary for a 2009 graduate dropped by 1.2 percent when compared to their 2008 counterparts. The average starting salary fell from $49,224 in 2008 to $48,633 in 2009.
The decrease bucks a trend that had starting salaries increase over the years. For example, graduates from 2008 saw starting salaries go up by 7.6 percent when compared to 2007.
"In fact, year-over-year salary increases are what have come to be considered 'the norm,'" Marilyn Mackes, executive director of the NACE, said. "The small decrease actually reflects a much greater loss."
According to the NACE, declines in starting salaries indicate there has been a drop in demand for new hires and that companies are making fewer offers.
Students who are looking for jobs but can't seem to find them may make up some of the 9.7 percent of people who were considered unemployed during August. The number of unemployed people increased by 0.3 percent over figures from July and is expected to climb in the coming months.
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