Business Brief
Graduates navigate volatile job market
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The tens of thousands of people graduating from Minnesota high schools and colleges over the next few weeks are likely to find a job market that remains pretty strong, despite growing uncertainty.
Why it matters: Graduating is exciting but also stressful, especially if you are struggling to find a job and pay back student loans.
State of play: Minnesota continues to have one of the tightest job markets in the country, with a 3.1% unemployment rate, which is below the 4.2% national rate.
- According to state data, there were just 0.5 unemployed people in Minnesota per job opening in February, which is one of the best rates for job seekers in the U.S.
Yes, but: Employers are growing more cautious about hiring recent graduates, according to a spring survey by the National Association of Colleges and Employers.
- The unemployment rate among college grads ages 22 through 27 has increased from 4.8% to 5.8% since January, the Wall Street Journal reported, citing a Federal Reserve Bank of New York analysis.
Zoom in: Job prospects can vary significantly depending on the industry.
- Recent grads in the finance and accounting fields have plentiful opportunities, said Jennifer Carlson, regional director for HR consultancy Robert Half.
- Accountants are one of the state's most in-demand professions, according to data from the Minnesota Department of Employment and Economic Development.
The other side: Graduates seeking careers in the federal government or jobs that have ties to federal funding face a more uncertain future as the Trump Administration has conducted mass layoffs and budget cuts.
Bryce Kayanuma of Eden Prairie is wrapping up his masters of information technology and Ph.D. in structural design from Virginia Tech, remotely.
- While the 36-year-old has a full-time job in the field, his dream has been to become a tenured college professor and intends to begin applying for positions soon. But he's worried there won't be many jobs with a tenure track.
- "The Department of Education being in flames ... makes times a little bit more interesting," he said. "That no longer seems like the secure career path it once was."