University of Memphis seniors graduating in a few weeks have abetter chance of getting a job than those who graduated a year ago,according to job experts.
The greatest number of jobs now available is in the serviceindustry, followed closely by financial and insurance services.
"The job market appears to be improving," said Karen Hayes,director of U of M's Career and Employment Services. "The class of2004 is better off than the class of 2003."
The U.S. Department of Labor recorded 308,000 new jobs in March.For students struggling through their last few semesters, collegedegrees were the most significant source of training for 49 of the50 top-paying jobs.
The service industry is expected to generate 20.8 million of the21.6 million new jobs between now and 2012, according toprojections from the Department of Labor's Bureau of LaborStatistics Web site.
Education and health services are expected to grow the largest,increasing by 31.8 percent. One out of every four new jobs will bein either health care or private education, according to theDepartment of Labor.
Professionals are also expected to increase by 25 percent in thenext 10 years. Health care professionals and information technologyexperts will be needed because of growing demand.
Students with expertise in computers, particularly networkmanagement, will enter one of the fastest-growing job markets, asbusinesses rely more on computer infrastructures. One third of allprofessional, scientific and technical jobs are expected to be inthis area.
Health care increases are due to longer life expectancies andthe increasing population of elderly in the country. Childcare,too, is expected to grow as more women gain employment.
According to the Department of Labor Web site, the youth laborforce, those 16 to 24 years old, is expected to decrease slightlybetween now and 2012 but remain near 15 percent.
Unfortunately for traditional college students, the largestgrowing bracket of workers are those over 55, which is projected toincrease from 14.3 percent to 19.1 percent due to aging babyboomers.
Another group opening to graduates is financial jobs likeaccountants and auditors.
According to a survey by Robert Half International, a group thattracks hiring trends for financial jobs, 7 percent of 1,400 chieffinancial officers at companies with more than 20 employees expectto expand their staffs in the second quarter of 2004. The drivingfactor for the additions was business growth.
According to the Department of Labor, more businesses, new lawsand increased scrutiny of corporate finances will create growth foraccountant and auditor positions, which are entry-level financepositions in many companies.
Occupations expected to shrink in the next decade includefarming, ranching, fishing and forestry jobs, which are projectedto decrease by 2 percent by 2012. Because of high turnover andretirement, most of the jobs that open in this industry will resultfrom replacement needs.
