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CNN Live At Daybreak
College Grads Looking for Part Time Jobs
Aired May 12, 2003 - 06:15 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now. When they were college freshmen, the seniors were getting lucrative job offers. Can you say dot-com? But for the graduating class of 2003, it's a whole different ballgame.
For more on that, let's go live to New York and Susan Lisovicz.
It's going to be tough for college graduates, isn't it?
SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: That is saying the very least. And I think that the class of 2003 will not be partying like it was 1999 because they're finding the economic situation so different from four years ago. Jobs no longer abundant, they're setting their sights a lot lower, like looking for part time employment. Try paying off your college loan with that. Those who are securing jobs are finding that nearly half of employers are keeping salary levels unchanged and nearly another half of employers are cutting salary levels.
Let's get some specifics for you. Business graduates still have it pretty good, seeing a nearly 4 percent salary increase from 2002. But computer science majors, who still get among the most lucrative job offers, can expect an 8 percent decrease in salary. And psychology majors are looking at a drop of 11 percent.
But experts say college students shouldn't despair, a college degree is still worth something, because the more education you have, the higher your salary tends to be. So some college graduates may find they want to go back to college and get yet another degree and sit it out.
COSTELLO: Yes, and become the proverbial professional student.
LISOVICZ: Exactly.
COSTELLO: Quick check on the futures.
LISOVICZ: Flat open. Of course on Friday we had a real nice rally, tech stocks lifted the broader market, pushing the major indices to a higher finish for the week. The Dow up 1.33 percent, eking out a gain for the week. The Nasdaq up better than 2 percent, adding more than 1 percent for its fourth straight winning week.
We have a barrage of economic data to consider this week, including retail sales, industrial production and inflation at the producer and consumer levels -- Carol.
COSTELLO: Thanks, Susan, we'll get back to you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM AT www.fdch.com
Aired May 12, 2003 - 06:15 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now. When they were college freshmen, the seniors were getting lucrative job offers. Can you say dot-com? But for the graduating class of 2003, it's a whole different ballgame.
For more on that, let's go live to New York and Susan Lisovicz.
It's going to be tough for college graduates, isn't it?
SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: That is saying the very least. And I think that the class of 2003 will not be partying like it was 1999 because they're finding the economic situation so different from four years ago. Jobs no longer abundant, they're setting their sights a lot lower, like looking for part time employment. Try paying off your college loan with that. Those who are securing jobs are finding that nearly half of employers are keeping salary levels unchanged and nearly another half of employers are cutting salary levels.
Let's get some specifics for you. Business graduates still have it pretty good, seeing a nearly 4 percent salary increase from 2002. But computer science majors, who still get among the most lucrative job offers, can expect an 8 percent decrease in salary. And psychology majors are looking at a drop of 11 percent.
But experts say college students shouldn't despair, a college degree is still worth something, because the more education you have, the higher your salary tends to be. So some college graduates may find they want to go back to college and get yet another degree and sit it out.
COSTELLO: Yes, and become the proverbial professional student.
LISOVICZ: Exactly.
COSTELLO: Quick check on the futures.
LISOVICZ: Flat open. Of course on Friday we had a real nice rally, tech stocks lifted the broader market, pushing the major indices to a higher finish for the week. The Dow up 1.33 percent, eking out a gain for the week. The Nasdaq up better than 2 percent, adding more than 1 percent for its fourth straight winning week.
We have a barrage of economic data to consider this week, including retail sales, industrial production and inflation at the producer and consumer levels -- Carol.
COSTELLO: Thanks, Susan, we'll get back to you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM AT www.fdch.com
