Graduates' Prospects

With COVID-19 resurging, business bankruptcies rising and economic uncertainty spreading, the hiring outlook for the Class of 2021 is muted or down for the first time in almost a decade. Upbeat career prospects for last spring's college graduates suddenly turned bleak after the coronavirus shut down many sectors of the U.S. economy. And the situation this school year is not much better, with fierce competition in the sectors that are still hiring, such as technology companies and others that have adapted to pandemic-related changes in the economy. A quarter of U.S. employers are skipping the fall recruiting season, and others are undecided on how many interns or new recruits they will hire. Many of those who are hiring likely will seek experienced workers or former interns. Experts say the impact of graduating in a tough economy will probably linger for a decade or longer, reducing long-term earnings. And economists predict fewer new jobs will be created in the United States for years to come compared to previous years.