Job Market Watch – Weekly Update (3/30/20)

Where we are at:  It’s been an interesting ride the past few weeks with fears increasing around COVID-19, states essentially shutting down a lot of companies and the stock markets swinging to new highs and lows, depending on the day.  The unemployment numbers that came out last Thursday were the highest weekly filings EVER at 3.3m (the previous weekly high was around 700,000 in 1982).  This number is expected to continue to increase over the next few weeks as hospitality, restaurants and similar companies continue to suffer the effects of the shutdown.

If you just follow the headlines and watch the news, it’s all doom and gloom.  However, it’s actually not as bad as you’d think.  We are seeing an unbalancing of industries, with industries such as airlines, hotels, cruise ships, retail, luxury goods and some manufacturing being hit really hard.  However, other industries such as logistics, online retail, healthcare, grocery, some technology and electronics, and sanitation are growing significantly.  These companies are being overwhelmed and need to be hiring a lot of new people to meet demand.  LinkedIn is suggesting that companies that are hiring add in hashtags such as #hiringnow and #coronavirushiring, so utilize those hashtags if you are still searching.

What we are hearing from companies:  UCS has been proactively reaching out to our companies to find out if there are any changes with hiring for internships and/or full time roles.  As of today, the majority of companies are staying with the status quo and things are continuing as normal.  There might be some adjustments to employment dates or the roles may start out virtual (or be entirely virtual), but they are still honoring their employment commitments.  We are seeing some companies, mostly in areas that are harder hit by the shutdown, backing out of their internship offers and a very few backing out of full time roles.  However, we are seeing some of these same companies already coming to us looking to book fall recruiting dates.  We will continue to be in touch with all of these companies to make sure that we are on top of changes.

What should you be doing now:

  • If you are still seeking a full-time or internship role, you should be reaching out to UCS – immediately!  Email and we will get you set up with a coach.
  • If you have already accepted a role, reach out to UCS if you hear of any changes to your internship or full time role.  We can work with you to figure out the best next steps.
  • Companies are still hiring and we continue to get new job postings all of the time.  Make sure to check Kelley Connect regularly!

Rebecca Cook, CFA, PCC
Executive Director, Undergraduate Career Services

By Rebecca Cook
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