Job Market Watch – Weekly Update (5/4/20)

Where we are at:  Not much has changed since last week in terms of seeing dire numbers from the weekly unemployment filings.  We are currently at an unprecedented 30 million people who have filed for unemployment over the past six weeks.  This week, we should continue to see an increase, although likely smaller than the 3.8m who filed last week. Monthly unemployment numbers come out on Friday, and the expectation is that it will indicate a U.S. unemployment rate of around 15-16%.  Prior to the COVID-10 pandemic, overall U.S. unemployment was below 4%.  Quarterly corporate earnings continue to show a big drop in March (unsurprising) and the outlook for this quarter and the year is really murky.  Companies aren’t sure what to forecast as they don’t know how quickly the economy will begin to turn around, thus the corporate guidance for the year tends to be along the lines of “flying blind”.  We have moved into a stage where some cities are slowly opening up and some aren’t and our guess is that the opening will be much more regionally based going forward.  We, like everyone else, continue to watch and wait to see if it works.

What we are hearing from companies:  The number of companies cancelling internships appeared to slow last week, and, with the school year coming to an end for most universities, it hopefully has mostly cycled through.  There will likely be some continued uncertainty in terms of timing of start dates for full time roles, as companies try to figure out when (if) they can return to work and what the “new normal” of work looks like.  We do continue to see companies hiring and looking for students to work on projects (likely all remotely), so continue to check Kelley Connect, LinkedIn, etc. if you are still seeking.  Here are a few interesting internship opportunities that were posted on KC late last week.

Posted on Kelley Connect – all for a company called Fullscreen which is a social content company

Account Management Internship – Warner Media Team Los Angeles, CA (Remote)
Data and Insights Internship Los Angeles, CA (Remote)
Integrated Marketing Internship New York, NY (Remote)
Marketing Internship (NY) New York, NY (Remote)
Paid Media Operations Internship (LA) Los Angeles, CA (Remote)
Strategy and Insights Internship New York, NY (Remote)

What you should be doing now:  We hope that your last week of the 2020 spring semester goes well.  Know that we in UCS are here for you all summer – we don’t leave like you all do.  We will be continuing to post opportunities, connect with employers, host UCS events virtually and get ready for the fall semester.  Career fairs and employer networking nights WILL still happen in the fall and companies WILL still be recruiting.  Whether that will be in person or remote or a hybrid, we can’t yet say, but we can definitely say it will happen one way or another.  Stay in touch and make sure to reach out if you need some career coaching, job assistance or if we can help in any way.

By Rebecca Cook
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