As students graduate, experts say employers’ hiring projections significantly lower than fall

COLUMBIA, Mo. (KMIZ)

May is when thousands of students across the country will graduate from universities, including in Columbia.

The University of Missouri is holding multiple graduation ceremonies this weekend, with ceremonies kicking off on Friday. The university says 6,019 students have earned degrees and honorary awards will be given to an accomplished orthopedic surgeon and a philanthropist. With a large number of students graduating, however, experts say many of those former students may struggle to get a job post-graduation.

According to a survey conducted by the National Association of Colleges and Employers, projections show that employers intend to hire 3.9% more graduates in 2023 than they did in 2022. That being said, this is a drastic decrease in the percentage that was projected in the fall of this year, when employers projected 14.7% would be hired.

NACE reported that the trends are due to movement within certain industries. For example, many technology companies are laying off employees after hiring a lot of workers during the pandemic. Computer and electronics manufacturers also planned to increase hires by more than 41% last year. Currently, that number now sits at 19.1% for 2023, according to NACE.

Meanwhile, economic projections and slowing sales are causing jitters among some large companies such as Walmart, which has also started layoffs. Some experts predict the country is heading toward and economic recession. Meanwhile, the Federal Reserve continues to raise interest rates.

In better news, it's expected that hiring in the transportation industry will be up 50% when compared to last year.

Associate director of research and public policy, Josh Kahn said that despite the fact that employers do intend to hire slightly more graduates this year than in 2022, 2022 was still a great hiring year. This leads him to expect nothing less in 2023.

"I mean I think my basic feeling is that this... is we're expecting another strong year. I mean two back to back strong years and our estimates have been pretty decent," Kahn said.

Mizzou graduates detail plans following graduation

ABC 17 News spoke with some recent graduates from the University of Missouri about their plans following graduation this spring.

Julia Connelis said she plans to attend law school at Washington University in St. Louis.

Nora Alajchmi said she plans to work for two years as a research specialist and then apply for a clinical psych PHD. Brianna Abam said her plans after graduation include an internship at the university, but her ultimate plans are to work in research.

"Whether it be through just like the connections that I've made, the friendships that I've made just any sort of support that I've gotten here has kind of gotten me to where I'm at," Abam said.

Chris Blake is also a recent graduate, who despite not having a solid plan following graduation, remains confident that his dream of working in sports journalism will become reality because of his experience at the university.

"You know the Mizzou Method the thing that they say... I would say it's it's definitely true, you get the hands on experience," Blake said.