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...According to the First American CoreLogic report, the states with the highest percentage of negative-equity borrowers are the usual suspects. After Nevada (55.1%) and Michigan (40%), Arizona (31.8%), Florida (30.3%) and California (29.5%) round out the top five. Those statewide averages, though, mask a lot of local variation. One pattern: exurbs, where homes are newer and loans more likely to have been signed during the bubble years, are harder hit. For instance, in the metro area that includes Los Angeles, 23% of homeowners are faced with negative equity. Fifty miles to the east, in the area that includes Riverside...
Smith College's career office sent its jittery job-hunting seniors a letter last month with a reassuring message: "There ARE jobs, and you can find employment." Unfortunately, there are far fewer jobs than anticipated, according to a report out today from the National Association for Colleges and Employers (NACE). The companies surveyed for the group's spring update are planning to hire 22% fewer grads from the class of 2009 than they hired from the class of 2008, a big letdown from the group's projections in October that hiring would hold steady. Some 44% of companies...
...hemorrhaged 71% of expected job openings. Less expected but equally troubling is the 37% decline in hiring for professional services, which include accounting and engineering. "Poor hiring estimates from this area speak to the depth of the recession in the college labor market for the class of 2009," the report says. (See TIME's special report on paying for colleges...
...private-sector employers. This year, just 80 private companies signed up for the March 13 event, where 30 federal agencies will be on hand accepting résumés. "The good news is, the Federal Government is definitely hiring," Kerr says. Still, according to the NACE report, the projected increase is less than 6%. (See 25 people to blame for the financial crisis...
...only are fewer companies hiring, but more of those with openings are offering internships instead of full-time spots. Only a third of on-campus recruiters this year are looking to sign both full-time employees and interns, the report found, down from an average of two-thirds for the classes of 2007 and 2008. And 16% of employers will be hiring only interns, nearly double the percentage that did so last year. "I explain to [the students] it's like taking another course, and paying to take that course," says Middlebury's executive director of career services, Jaye Roseborough...