Job Market Watch – Weekly Update (4/27/20)

Where we are at:  We continued to see large unemployment filings last week, now totaling over 26 million people who have filed for unemployment in the last five weeks.  This week will likely continue to increase, although probably not quite as much.  Earnings season for public companies continues, with about 1/3 of them reporting quarterly earnings this week.  As I’ve mentioned, this gives us a window into what corporations are seeing and what the impact on them through March has been.  There have been some “winners”, namely technology companies that provide services for working at home, PC manufacturers, Netflix (as we all continue to binge watch), grocery stores and some others.  There have been a lot of losers too, and we will likely see more of that this week.  Some US cities are beginning to open up slowly, as are some European countries, and we will all be watching to see if it works.

What we are hearing from companies:  Last week was a tougher week in terms of the number of companies outright cancelling their internships.  We saw a big uptick from the prior few weeks, although the overall number of companies doing this remains low.   From the company side, they are still trying to figure this all out – how to stay in business and keep as many current employees on staff as possible.  Many are trying all sorts of things to hold on, particularly across-the-board staff pay cuts and temporary furloughs.  These companies still very much value the relationships they have with their hired interns and full time students (even if they had to cancel them), yet they are having to make extremely tough choices and, in some cases, are having to cut offers to stay afloat.  As previously mentioned, there ARE still companies hiring, and here are a few to check out (all on Kelley Connect):

Company Title Job ID # Location Deadline
Centene Contract Negotiator 40491 Clayton, MO 4/29/2020
Equinix Intern: IT Finance 40761 Sunnyvale, CA 5/5/2020
Equinix Intern: Marketing Specialist 40755 Ashburn, VA 5/5/2020
Equinix Intern: Social Media Marketing 40758 Redwood City, CA 5/5/2020
Glanbia Financial Analyst Trade 40723 Downers Grove, IL 5/1/2020
Storck Project Management Analyst 40722 Chicago, IL 4/30/2020

What you should be doing now:  If you are still seeking (or newly seeking once again), reach out to us ASAP.  We can help to walk you through different ideas and options.  It’s time to reset our expectations and recognize that a “normal” internship may not be in the cards this year – and that’s totally OK.  Employers are all going through this at the same time as you, so the question for you in the fall when interviewing will be “How did you spend your time during COVID-19?”.  Focus on the skills that you can acquire this summer, whether that is through volunteering, project work, or academic classes (summer school or free online classes).  The important thing is to be doing and learning something.

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

By Rebecca Cook
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