Graduate Careers Australia
ergo - Number 93 December 2003
State of the Graduate Labour Market
The market for graduates in any one year is affected by a number of factors, including demographic, economic and industry cycles, and unforeseen events. Following September 11 and the Bali bombing crises, the last few years have seen a flat market for graduates, with downturns in the number of graduates employed in the UK, the USA and Australia, and a depressed graduate market throughout Asia.
However, there are indications that during 2004 there may be a turning point in the graduate recruitment cycle.
- In the UK, two thirds of employers expect to maintain or increase their graduate intake for 2004, although salaries are predicted to remain fairly static (AGR Press Release, ‘Employers Report a slight fall in Graduate Level Vacancies’ 16/7/03)
- In the USA, employers expect to take on approximately 13% more graduates than in 2002-2003, with the services sector being the most optimistic. (NACE Pressroom: ‘Employers Project College Hires to Climb 12.7% in 2003- 04’, 10/9/2003)
- In Australia, the continuing recovery overseas, the improvement of growth in the Asian region, and the optimistic indicators within our local economy all signal a positive outlook for the coming year. Justin Smirk, Senior Economist with Westpac, states in the Westpac Economic Release of 13 November 2003 that:
“Job confidence remains near the strongest levels seen since January 2000. Such a positive result is consistent with solid full-time employment growth and robust consumer demand”.
- Our discussions with graduate employers have indicated that they expect to either maintain or slightly increase their graduate intake for the 2004 year.
Therefore, whilst the 2004 year may not see the boom graduate markets of previous years, the outlook is becoming slightly more positive for our graduates.
Cindy Tilbrook
Executive Director, GCCA
|
