Recession

Class of 2020 leaves Maryland colleges to find uniquely bleak job market crushed by pandemic, recession

It’s a well-worn detour for college graduates — the art history major who waits tables while waiting for a “real” job at a museum, others who send out dozens of applications while in the meantime folding T-shirts at Gap or taking latte orders at Starbucks.

But the Class of 2020 is graduating into a uniquely bleak job market — in their chosen fields and even for those once reliable fallbacks. The coronavirus pandemic and the economic recession have employers across multiple industries shedding rather than adding staff.

“Nobody is hiring,” said University of Baltimore economist Richard Clinch. “Even in the Great Recession, you still had the possibility of getting a lower-skilled job. But now, retail and restaurants and entertainment are doing terribly and will continue to do terribly.”

One in five recent college graduates in their early 20s was jobless in June, according to the U.S. Bureau of Labor Statistics,

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19 Smart Ways to Get Through a Recession

ersinkisacik/istockphoto
ersinkisacik/istockphoto

Recession Proof

Earlier this year, the United States officially entered a recession bringing a sudden halt to what had been the longest period of growth in this country since 1854. Triggered by the COVID-19 pandemic, economic activity contracted sharply as the coronavirus changed our lives, leaving behind record unemployment and a wave of bankruptcy announcements. It’s always a good idea to have a game plan for surviving a recession whether that means developing a side hustle, going back to school, or simply avoiding debt. Here are some smart ways to keep yourself afloat when the economy is on shaky ground. (History’s lessons still apply, too. Here are 12 Things We Can Learn From the Great Depression.)

Related: How to Rebuild Financial Security Amid COVID-19

Dmytro Zinkevych/shutterstock
Dmytro Zinkevych/shutterstock

Diversify Your Income

As any savvy business owner will tell you, the best tip to get through any form of an economic downturn

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