Today’s sour market reminiscent of 1980s economy
Like graduates today, Greg Epps faced a tight economy when he left the University – but he doesn’t remember being too concerned about it.
“I don’t remember it being as difficult as what it seems like it is today,” said Epps, who graduated in 1983 with a political science degree.
But even if Epps wasn’t aware of the economic slump, some members of the early 1980s work force felt the effects of the down economy.
UNEMPLOYMENT RATES, BUREAU OF LABOR STATS
March 1980: 6.3 percent
March 1981: 7.4 percent
March 1982: 9.0 percent
March 1983: 10.3 percent
March 2006: 4.7 percent
March 2007: 4.4 percent
March 2008: 5.1 percent
Feburary 2009 (most recent data): 8.1 percent
When Epps left the University, unemployment was at 10.1 percent, according to the United States Bureau of Labor and Statistics. This was only slightly lower than the 1982 peak of 10.8 percent.
“We, probably, as college students didn’t hear about it as much,” Epps said in a phone interview last week. “There was not near as much coverage of the economy as there is today. We didn’t have things like 24-hour news services that told us about it all of the time.”
Some students currently on campus said they feel like the job market is a frequent topic of conversation for much of the student body.
“A lot of people I know are concerned about jobs and the economy,” said Robby Fogarty, a sophomore from Martinez. “It probably [is talked about so much] because it was a primary topic in the election.”
Jeffrey Humphreys, director of Terry College’s Selig Center for Economic Growth, said students are right to be thinking about the job market.
“This recession is going to prove to be a deeper recession than anything we’ve seen,” Humphreys said in a phone interview earlier this month. “This is my third recession in this job, and this is a different animal. It’s much, much more severe than the other two I’ve seen.”
Although the 8.1 percent unemployment rate for February 2009 is lower than the 1982 statistic, the Department of Labor has not yet released the data from March.
Humphreys offered some advice to students graduating and job searching in the midst of high unemployment.
“If you’re having trouble landing a job, go for a Masters or Ph.D or other advanced degree,” Humphreys said. “That kind of investment in education is something that Wall Street can’t erase.”
For students ready to enter the job market, he suggested looking for a temporary job in an interesting field.
Even when the economy begins to come back, firms are still cautious about hiring, Humphreys said. They might look to temporary employees instead of hiring someone full time.
“[A temporary position] is a good bridge to a more permanent job,” Humphreys said.
He said students who are open to traveling to the few areas in the nation “bucking the economic trend” or who are willing to expand their job search to sectors more likely to be hiring – such as the federal government and health services – would also be more successful.
This type of flexibility was an advantage for Epps after graduating from the University.
“I was pretty open to different things,” said Epps, who worked for his family’s small business after graduation. “And that might be good advice. Just get out there and get some experience.”
