Are we in a recession? Many graduating seniors are now forced to consider the answer to this question, for it has major implications for their job prospects. According to an AP/Ipsos poll, a 61 percent majority of Americans believe that the United States is indeed in the midst of a recession. Technically, the U.S. is still experiencing economic growth with a 0.6 percent annual rate of growth in gross domestic product in the fourth quarter of 2007. If correct, this low level of growth spares the economy the label of "recession," but it does not mean that the average worker is not experiencing hard times. A 0.6 percent growth rate is not in line with the growing population and has led to a decrease in income per capita.

This semi-recession began when credit was dispersed a bit too freely to those who could only have repaid their mortgages if the housing market had continued to grow rapidly. When the market began to slow down, many of these borrowers could not repay their loans and wound up defaulting, which resulted in increased foreclosures. Thus the housing market began to waver and houses depreciated in value. This credit disaster means that not only will those who defaulted on their repayment suffer, but also those who lent money and those seemingly uninvolved in the problem. Businesses and individuals with good credit may face tougher standards for short-term loans, without which funds they will be hard pressed to meet their usual level of economic activity. On a larger scale, insecurity in the housing market has led to decreased confidence on Wall Street among investors as well as a general cutback in spending among consumers, especially on non-essentials such as retail.

What does this slowing economy mean for graduating seniors? Those looking for employment in specific regions may have a difficult time achieving success immediately after graduation. For example, AT&T announced in early April that it would be decreasing payroll by 1.5 percent, thereupon cutting 4,200 jobs. Citigroup, which experienced large losses due to the decline in the credit market, also announced that it would be adding 9,000 cuts this quarter to the 4,200 made in the last quarter of 2007. In the first quarter, a total of 230,000 jobs were lost. Mark Vitner, a Wachovia economist, predicts that the market will see 300,000 more jobs lost in the second quarter.

However, there is still some hope for those wishing to remain in the Northeast after graduation. The decline in job opportunities in the Northeast has been less drastic than in other parts of the country, namely the East South Central and Pacific regions. Still, the northeast experienced a 9.3 percent decrease in help-wanted advertising from January 2007 to March 2008. One Dartmouth senior expressed her discontent with the options available to graduating seniors, stating, "I haven't found a job yet, so I am attributing that to the slowing of the economy, not to my lack of skills." The label of Ivy League for which so many students worked with some expectation of a guaranteed job after graduation may no longer be so dependable.

Companies have also been driven to trim expenses by slashing jobs because of increasing prices in commodities. The rising cost of oil, which hit a $119.90 trading high, has dramatically increased expenses in many industries. In order to compensate for increased costs in necessary commodities, companies usually increase prices for consumers. Consumer prices increased 4.3 percent by the end of 2007 according to reports by the Labor Department. Many individuals have cut back on spending, especially on nonessentials such as clothing and even on things such as cell phone service - something that many have come to take for granted. This net decreased spending is fueling the economy's ride toward legitimate recession.

With the current trends in job loss and inflation, it may seem that competition for jobs will be brutal for graduating seniors. However, some industries that have actually reported increases in hiring include utilities, accounting, the government, energy, agriculture and healthcare. One example of a company that has continued to expand its workforce is Google, which hired 2,300 additional employees in the first quarter. Melissa Lokensgard '09 expresses an optimistic outlook when considering her job options: "Personally I think I will be able to find a job somewhere. Fortunately, my major and experience lends itself to being able to work in a variety of different settings. It may not be my dream job, but I'll be able to work...on the other hand, I was planning to go to med school, and I think the economy will have an impact on whether I make that decision sooner rather than later." Her concerns regarding whether or not "the debt associated with [medical school] is worth it" is a question that many pre-medical students face as they near graduation.

Those who have less common majors may be more immune to the current slowing of the economy. As one Dartmouth '08 theater major, explained, "I think theater is one of those small parts of the job market where there will always be work for those crazy enough to do it." Similarly, Kaitlin Gallup '09 feels confident that her major will lead to preferable job opportunities: "I am a Japanese major. I have just finished an internship search and have found quite a few positions for myself. I haven't thought much about the economy, because in truth, the increasing importance of Japan in the global economy (as well as China) is helping me in the long run...I think I will be fairly well set to get a job...after graduation."

Whereas the opportunities available for graduating students are far from overwhelming, one can hope that the high quality of education received at Dartmouth will still carry weight with potential employers. It may mean, however, that students might have to decide between waiting for their dream job and just being happy to have one.