I found a job after graduating during the Great Recession. Here's my advice for fresh grads struggling to get hired.
It was 2008. The job market had taken a turn for the worse, and I was living off retail shifts and babysitting gigs.
But after more than 100 job applications, I finally caught a break — from someone who'd already told me no.
Now, I'm a PR consultant and an adjunct professor at the college I graduated from. Anxious students constantly ask me for my advice on finding a job in this tough market. Here's what I tell them.
No one was hiring at the start of the recession
I had graduated from Marymount Manhattan College in December 2007 — the first official month of the Great Recession — with a degree in communication arts. While I had excellent internships, few companies were hiring when the recession started, so I worked part-time at Anthropologie and babysat.
I already lived in New York City because of college, and I spent seven months aggressively looking for a job. I hoped to land a public relations role.
I mostly used the popular job sites at the time — Media Bistro, Craigslist, and Entertainmentcareers.net. I got a handful of interviews from those applications, but struggled to land a job.
A rejected application eventually led to my first job
One day, someone who interviewed me for a job I didn't get contacted me, saying she had a friend in the industry looking for an entry-level position that she thought I'd be a fit for. This position turned out to be my first full-time job at a PR agency, which I started in June 2008.
This experience taught me that it's wise to take every interview you can — even if you're not sure it's a good fit.
While I was happy to be working, my first position was definitely not my dream job. All my college internships had been in the entertainment and the arts, including one at the Museum of Modern Art (MoMA).
This agency specialized in wholesale technology, and their big client was a company that made deep-sea underwater cables — something I honestly didn't really care much about. I also had to accept an annual salary of $28,000, much lower than the salaries of many of my peers who graduated just a couple of years ahead of me. I believe my lower pay was due to the recession.
However, the job helped me learn the foundational PR skills that have served me well in my career, including how to communicate with clients and run meetings. I also received good mentorship that turned out to be very valuable down the road.
We want to hear from job seekers and people who recently landed a job. If you're open to sharing your story, please fill out one or more of the linked Google Forms.
I eventually built a successful PR career — but not the one I'd dreamed of
Despite the rough start, I've had a successful career in public relations that's spanned more than a decade. However, I do think the Great Recession ruined my chance at my dream of working in PR in the entertainment industry.
That said, I think my experience allowed me to learn about other interests I didn't realize I had. I now do a lot of healthcare public relations work, which I don't think college-aged me realized I was interested in.
The experience of looking for my first full-time job during a recession also built resilience — and pushed me to explore other options besides work.
In the fall of 2009, I started a graduate program at University College Dublin. I decided to enroll because, even though I was employed, I thought it would be difficult to find a higher-paying job in the market at the time, and it was less expensive to attend graduate school in Ireland than in the US.
My advice for recent grads
While my first job paid little, I eventually caught up to the pre-recession market salaries when I returned to the workforce, though it took me a few years to do so.
I always tell my students to take a deep breath and that things will work out, even though it may take longer than usual to start their careers; the market will eventually swing back. I also suggest taking a job that might not be in their dream industry if they think they can learn valuable skills.
Additionally, I tell them that this could be a great time to have a life adventure, particularly if they're interested in going to graduate school. I share my experience of studying in Ireland and how I am still close with many of the friends I made during that time.
For recent graduates who want to enter the workforce right away, keeping in touch with college professors — particularly adjunct professors and those currently working in the industry — could help them find work. Ask your past professors if they'd be open to introducing you to their industry friends; I've had students ask this of me in the past, and it's helped some of them land roles.
My last piece of advice is to take every interview you can, even if the company isn't looking for someone right away or if you aren't sure you're a fit. You never know what it might lead to.
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Chicago Tribune
an hour ago
- Chicago Tribune
US employers slash hiring as Trump advances a punishing trade agenda
WASHINGTON — U.S. hiring is slowing sharply as President Donald Trump's erratic and radical trade policies paralyze businesses and raise doubts about the outlook for the world's largest economy. U.S. employers added just 73,000 jobs last month, the Labor Department reported Friday, well short of the 115,000 expected. Worse, revisions shaved a stunning 258,000 jobs off May and June payrolls. And the unemployment rate ticked higher to 4.2% as Americans dropped out of the labor force and the ranks of the unemployed rose by 221,000. 'A notable deterioration in U.S. labor market conditions appears to be underway,' said Scott Anderson, chief U.S. economist at BMO Capital Markets. 'We have been forecasting this since the tariff and trade war erupted this spring and more restrictive immigration restrictions were put in place. Overall, this report highlights the risk of a harder landing for the labor market.' Economists have been warning that the rift with every U.S. trading partner will begin to appear this summer and the Friday jobs report appeared to sound the bell. 'We're finally in the eye of the hurricane,' said Daniel Zhao, chief economist at Glassdoor. 'After months of warning signs, the July jobs report confirms that the slowdown isn't just approaching—it's here.' U.S. markets recoiled at the jobs report and the Dow tumbled more than 600 points Friday. But President Donald Trump responded to the weak report by calling for the firing of Erika McEntarfer, the director of the Labor Department's Bureau of Labor Statistics, which compiles the jobs numbers. 'I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY,' Trump said on Truth Social. 'She will be replaced with someone much more competent and qualified.' Trump questioned the big revisions, but they are a standard part of the monthly jobs report. The Labor Department revises its numbers as more data comes in. Particularly since COVID-19, businesses have taken longer to respond to the government's survey on hiring. As more data has come in later than in the past, the potential for large revisions has increased. Revelations in the new data raise questions about the health of the job market and the economy as Trump pushes forward an unorthodox overhaul of American trade policy. Trump has discarded decades of U.S. efforts to lower trade barriers globally, instead, imposing hefty import taxes — tariffs — on products from almost every country on earth. Trump believes the levies will bring manufacturing back to America and raise money to pay for the massive tax cuts he signed into law July 4. Mainstream economists warned that the cost of the tariffs will be passed along to Americans, both businesses and households. That has begun. Walmart, Procter & Gamble, Ford, Best Buy, Adidas, Nike, Mattel, Shein, Temu, Stanley Black & Decker, have all hiked prices due to U.S. tariffs. Economists at Goldman Sachs estimate that overseas exporters have absorbed just one-fifth of the rising costs from tariffs, while Americans and U.S. businesses have picked up the lion's share of the tab. Trump has sowed uncertainty in the erratic way he's rolled the tariffs out — announcing, then suspending them, then coming up with new ones. Overnight, Trump signed an executive order that set new tariffs on a wide swath of U.S. trading partners to that go into effect on Aug. 7, and that comes after a flurry of unexpected tariff-related actions this week. 'There was a clear, significant, immediate, tariff effect on the labor market and employment growth essentially stalled, as we were dealing with so much uncertainty about the outlook for the economy and for tariffs,' said Blerina Uruci, chief U.S. economist for the brokerage T. Rowe Price. Still, Uruci said the data suggests we could be past the worst, as hiring actually did pick up a bit in July from May and June's depressed levels. 'I'm not overly pessimistic on the U.S. economy based on this morning's data,' she said, though she does think that hiring will remain muted in the coming months as the number of available workers remains limited due to reduced immigration and an aging population. 'Because of immigration policy, labor supply growth has nearly ground to a halt,' said Guy Berger, senior fellow at the Burning Glass Institute, which studies employment trends. 'So we're going to have very weak employment growth. And we look like southern Europe or Japan.' Still, with fewer workers available, the economy doesn't need to generate many jobs to soak up the unemployed. That could keep the unemployment rate from climbing much, Berger added. Trump has sold the tariffs hikes as a way to boost American manufacturing, but factories cut 11,000 jobs last month after shedding 15,000 in June and 11,000 in May. The federal government, where employment has been targeted by the Trump administration, lost 12,000 jobs. Jobs in administration and support fell by nearly 20,000. Healthcare companies added 55,400 jobs last month – accounting for 76% of the jobs added in July and offering another sign that recent job gains have been narrowly concentrated. The department originally reported that state and local governments had added 64,000 education jobs in June. The revisions Friday slashed those jobs to less than 10,000. Those revisions also revealed that the U.S. economy has generated an average of just 85,000 jobs a month this year, barely half last year's average of 168,000 and well below an average 400,000 from 2021-2023 as the economy rebounded from COVID-19 lockups. The weak jobs data makes it more likely that Trump will get one thing that he most fervently desires: A cut in short-term interest rates by the Federal Reserve, which often — though not always — can lead to lower rates for mortgages, car loans, and credit cards. Fed Chair Jerome Powell and other Fed officials have repeatedly pointed to a healthy job market as a reason that they could take time to evaluate how Trump's tariffs were affecting inflation and the broader economy. Now that assessment has been undercut and will put more pressure on the Fed to reduce borrowing costs. Wall Street investors sharply raised their expectations for a rate cut at the Fed's next meeting in September after the report was released. On Wednesday, the Fed left its key rate unchanged for fifth consecutive meeting and Powell signaled little urgency to reduce rates anytime soon. He said the 'labor market is solid' with 'historically low unemployment.' But he also acknowledged there is a 'downside risk' to employment stemming from the slow pace of hiring that was evident even before Friday's weaker numbers. The current situation is a sharp reversal from the hiring boom of just three years ago when desperate employers were handing out signing bonuses and introducing perks such as Fridays off, fertility benefits and even pet insurance to recruit and keep workers. The rate of people quitting their jobs — a sign they're confident they can land something better — has fallen from the record heights of 2021 and 2022 and is now weaker than before the pandemic. Drees Homes, a homebuilder based outside Cincinnati in Fort Mitchell, Kentucky, has hired about 50 people over the past year, bringing its workforce to around 950. Pamela Rader, Drees' vice president for human resources, it's 'gotten a little bit easier'' to find workers. A couple of years ago, Rader said jobseekers were focused on getting more pay. Now, she said, they emphasize stable employment, a better work-life balance, and prospects for advancement.


CNBC
an hour ago
- CNBC
Social Security marks its 90th anniversary — here's what could happen to future benefits
Ninety years ago, President Franklin Delano Roosevelt signed the Social Security Act, which created the program that now sends monthly benefit checks to millions of Americans, including retirees, disabled individuals and families. But by the time the program celebrates its centennial, benefits may not look the same as today's Social Security payments. The reason: Social Security's trust funds, which the program relies on to help pay benefits, are facing a looming shortfall. Starting in 2033 — two years before its 100th anniversary — the program may only be able to pay 77% of scheduled benefits for retirees, their families and survivors, Social Security's trustees projected in an annual report released in June. However, should those funds be combined with Social Security's trust fund for disability benefits, as has happened in prior emergencies, payments may be cut one year later, in 2034. At that point, 81% of scheduled benefits would be payable, Social Security's trustees project. Importantly, Social Security benefits would not disappear entirely. The program would still have ongoing income from payroll taxes to help fund benefit payments. That scenario is not inevitable. Changes to the program may be enacted sooner to shore up its funding and prevent sudden benefit cuts. Most, 83%, of surveyed Americans think Social Security reform should be a top priority for Congress, even if it means benefit cuts or tax increases for future beneficiaries, according to a new poll from the Bipartisan Policy Center's American Savings Education Council. The group polled more than 4,000 adults. "This is the time for action," said Sen. Bill Cassidy, R-Louisiana, who is among the lawmakers pitching a plan to help restore the program's solvency, told Cassidy has teamed up with Sen. Tim Kaine, D-Virginia., to co-lead a bipartisan pitch — the centerpiece of which is a new $1.5 trillion investment fund for Social Security, separate from Social Security's current trust funds. The initial $1.5 trillion outlay would be borrowed. Because the money would be held in escrow and could be liquified, it would not increase the national debt, Cassidy said. The funds would be invested more aggressively than Social Security's current trust funds, which are invested in U.S. Treasury securities. Because those investments are backed by the full faith and credit of the U.S. government, they are secure. However, the average rate of return over a one-year period was around 2.5% in 2024. In contrast, the S&P 500 has returned an annual average of around 10%, though those results vary from year to year. Investing the proposed separate investment fund in stocks, bonds and other investments could cover an estimated 70% of Social Security's trust fund shortfall, Cassidy said. That would make it much more doable for lawmakers to address the remaining 30%, he said. The senators' plan does not include any benefit cuts or tax increases for seniors, Cassidy said. It would provide benefit increases for two cohorts — beneficiaries age 80 and older who are at less than 200% of the federal poverty level, and low earners who have a long work history earning low wages. Lawmakers could consider increasing the size of the investment fund to help cover the rest of the shortfall, he said. Rights to manage the fund would be left to a bidding process, which could result in lower fees and higher returns, Cassidy said. Critics, including Rep. John Larson, D-Conn., have said investing in other securities as the senators' plan suggests would privatize Social Security and therefore threaten Americans' retirement security. In response, Cassidy points to the federal Railroad Retirement system, which in 2001 moved from investing solely in government bonds to more aggressive instruments, including stocks. That change was approved by lawmakers on both sides of the aisle and has helped the program operate with a positive balance today. Still, some experts are dubious. In a recent Wall Street Journal op-ed, Andrew Biggs, a senior fellow at the American Enterprise Institute, said while he applauded the first bipartisan plan to fix Social Security in two decades, he questions whether the plan could work. Among the concerns he details are the amount of money that the plan requires the government to borrow, as well as the increased investment risk that would be required without a guarantee of higher returns. Cassidy and Kaine are not the only lawmakers looking at potential solutions to solve Social Security's dilemma. Larson has a plan that has been reintroduced in multiple sessions of Congress that would provide benefit increases while increasing taxes on the wealthy. The last time Social Security was meaningfully enhanced was in 1971 under President Richard Nixon, Larson said in an interview with More than 5 million Americans currently receive below poverty-level checks from Social Security, according to Larson. Larson's most recent proposal from 2023 would temporarily increase benefits for all beneficiaries, while also providing specific enhancements for those receiving minimum benefits; widows or widowers in two-income households; and children of deceased, disabled or retired workers who are full-time students. The plan also proposes changing the way annual cost-of-living adjustments are calculated. To pay for those benefit increases, Larson's plan calls for income over $400,000 to be subject to payroll taxes. In 2025, workers stop contributing to Social Security for the year once they reach an income of $176,100. Both employers and employees pay a 6.2% tax on wages up to that threshold. More from Personal Finance:Social Security cost-of-living adjustment may be 2.7% in 2026'Big beautiful' bill does not eliminate taxes on Social Security benefitsHow having a 'bridge' strategy can help Social Security claiming The Bipartisan Policy Center poll finds a majority of Americans support lifting the cap on income subject to payroll taxes, with 65% of Democrats and 62% of Republicans. That includes a "significant majority" of respondents with annual household incomes over $200,000, according to the results. Larson's plan also called for a separate 12.4% tax on net investment income for taxpayers making over $400,000. Larson plans to reintroduce his plan in the current session of Congress with some tweaks. "We'll be rolling out a presentation in September that will include not only protecting Social Security, but also enhancing it," Larson said. The plan will also make it Congress' responsibility to act more frequently to help ensure benefits continue to meet individuals' needs, he said. "I think that that's got to be paramount to keeping this in check," Larson said. Larson plans to push for a vote on his bill. But he also wants an open debate. "There has to be a public discussion," Larson said. Most Americans — 64% of Democratic voters and 61% of Republicans — want Congress to work together across party lines to reform Social Security, the Bipartisan Policy Center found in its recent poll. That's as 41% of surveyed Americans expect Social Security will be their primary source of income in retirement, according to the BPC. Moreover, 74% of Americans worry Social Security will run out before they retire, while 80% worry Congress will cut benefits. Nevertheless, the poll results show Americans would welcome a "comprehensive, balanced reform package that entails both benefit adjustments and tax increases," said Emerson Sprick, director of retirement and labor policy at the Bipartisan Policy Center. Increasing taxes on the wealthiest 1% to help repair the program's finances had the most support among BPC's poll respondents, with 85% of Democrats and 72% of Republicans. That's in contrast to the 65% of Democrats and 62% of Republicans who support a higher cap on payroll taxes. A majority of voters also support adjusting benefits for those most in need, with 63% of Democrats and 62% of Republicans; reducing benefits for higher income individuals, with 64% of Democrats and 61% of Republicans; and increasing the amount that both employees and employers pay into the program, with 61% of both Democrats and Republicans. Most voters also support encouraging legal immigration that would result in more workers paying into the program, with 64% of Democrats and 54% of Republicans. The urgency of addressing Social Security's funding woes will increase over time. Two new laws have provided generous enhancements for certain Social Security beneficiaries. The Social Security Fairness Act increased benefits for some public pensioners, while President Donald Trump's "big beautiful" budget and tax package provides a tax deduction for seniors. The changes in both laws will accelerate the trust fund depletion dates. The Fairness Act was included the Social Security trustees' latest projections. The more recent "big beautiful" legislation will move the insolvency date for the retirement trust fund to late 2032 up from the early 2033 trustees' projection, according to the Committee for a Responsible Federal Budget. Senators who are elected in 2026 will be in office during those projected depletion deadlines, Sprick said. As the trust fund depletion dates come closer, there will be more discussion about Social Security's future on Capitol Hill, Sprick said. The current proposals on Capitol Hill are a start, he said. "We've put this off for way too long; the political process moves very slowly," Sprick said. "But that does not negate the fact that these conversations are moving in the right direction."


Forbes
an hour ago
- Forbes
A Golden Age For Advice: Rethinking What It Means To Serve Generational Wealth
Over the next two decades, the role of the wealth advisor will undergo a significant transformation, and I'm not talking about artificial intelligence. I'm talking about how we advise clients and how that advice is delivered. This transformation is a call to action: a chance for advisors to elevate their craft and rethink what it truly means to serve families across to Cerulli Associates, an estimated $124 trillion is projected to transfer hands by 2048, largely from Baby Boomers and the Silent Generation to Gen X, Millennials, and Gen Z. Of that, approximately $105 trillion will be passed to heirs, with another $18 trillion expected to support philanthropic causes. These numbers are significant, but the story goes far beyond the dollars. This moment marks a generational shift in values, expectations, and priorities that will challenge advisors to prove they are the best steward of a family's financial the past decade, I've had the privilege of working with individuals and families across the country. From those focused on securing a comfortable retirement to centimillionaire entrepreneurs navigating complex transitions. What I've observed is an increasing demand for advice that is independent of where their assets are custodied or how they are invested. They want advice that is comprehensive, strategic, and deeply personal. That's why we've built a multi-family office model—one that integrates wealth management, trust and estate planning, tax strategy, and family office consulting into one client must ask themselves: How are you creating value beyond managing a portfolio of stocks and bonds?We're already seeing a shift in investment preferences. Clients are increasingly drawn to private markets such as seed-stage, venture capital, and late-stage growth equity seeking asymmetric returns in companies that align with their personal missions. This marks a clear departure from the traditional 60/40 public equity and fixed income allocations that once dominated high-net-worth portfolios. While each investment style has a role to play in a diversified strategy, it's the advisor's responsibility to strike the right balance between managing the client's risk appetite with longer-term return expectations, liquidity needs, taxes, and time this environment, there's no shortage of funds or managers competing for capital. But identifying the right opportunities takes experience and discipline. Conducting thorough due diligence, questioning investment assumptions and fee structures, and evaluating the long-term alignment with a client's objectives is time-consuming; however, it is essential. Providing this level of guidance is at the core of quality wealth advisory and must be a high as investment selection requires thoughtfulness, so does how this wealth is owned and passed on to heirs. Effective estate planning starts with intentional design by reviewing a family's assets, details of the operating business, interpersonal dynamics, and long-term wealth is transferred over the next two decades, it will require intensive discussions around how best to optimize for estate planning and taxes. For instance, transferring assets with high appreciation potential outside of a taxable estate can unlock significant tax savings over time. But those decisions must be weighed carefully against liquidity needs, family governance, charitable goals, and control considerations. Advisors must regularly revisit trust and estate structures to ensure they remain aligned with shifting laws, evolving family circumstances, and asset today's world, clients are more attuned than ever to their tax exposure and rightly so. We've seen substantial shifts in lifestyle choices, including the migration to lower or no income-tax states, driven in part by the desire to reduce tax drag and preserve long-term wealth. We've also seen a growing number of strategies claiming to deliver tax alpha or greater tax efficiency. While in some cases this may be true, it's not always the case. These developments underscore the importance of advisors staying educated and always doing the work to effectively assess which strategies are truly appropriate for their strategy touches every part of a high-net-worth client's financial life. Every investment, estate planning decision, and philanthropic strategy should be evaluated on an after-tax basis to assess its real value. In our view, too often tax planning is reactive and limited to an annual year-end meeting. The true value comes from proactive, ongoing coordination between the advisor, CPA, attorney, and client. In practice, this has been proven to be easier said than done. The advisor must carry the weight of execution on this because it is a significant value creator for the level of advice and planning requires time, coordination, and a deep understanding of each client's personal and business situation. There are no next generation of wealth holders is asking for something different. They want more than traditional wealth management. They want a trusted partner. Someone who sees the full picture and understands their values, their family, their business, and their ambitions. They want advice that is not fragmented. They want integration of their investments, taxes, trust and estate strategy and philanthropic see this shift happening every day in our work with families, entrepreneurs, and business leaders across the country. Our view is that next generation wealth advisors won't be defined by who is at the largest firm or who delivers the highest returns in a given quarter or year. It will be defined by who listens well, rolls up their sleeves and creates the most value. Performance and great client experiences will follow those advisors who do this and will be the ones families turn to, not just today, but for generations to come.