As reported by Bloomberg’s Oliver Staley, Douglas MacMillan and Cecile Vannucci: Job Market
Hamza Afzal had such a hard time finding an electrical-engineering internship in the recession that he delayed his graduation, took pre-med classes and applied to law school. This year, he got two job offers in his field.
“I definitely saw a shift in the job market,” said Afzal, a 24-year-old senior at San Jose State University, who will start May 30 at chipmaker Linear Technology Corp. (LLTC) in nearby Milpitas, California. “There was a lot of pressure off my shoulders.”
The class of 2011 is enjoying the best job market for new graduates since the 2008 financial crisis, according to the National Association of Colleges and Employers. The turnaround is being driven by gains in finance, energy and technology, said Edwin Koc, who heads research at the association. Companies are filling a backlog of jobs after two years of stagnant hiring and looking to younger workers to fill vacancies, he said. This year, 1.61 million students are expected to graduate, he said.
Job creation is booming in Silicon Valley, where postings have doubled from two years ago at technology career website Dice Holdings Inc.
“It’s quite a stunning comeback,” said Lance Choy, director of the career development center at Stanford University near Palo Alto, California. “Over the past couple of years there’s been a lot of anxiety. It’s been a bleak time for students. We’ve come back from quite a dip.”