Noted economist sees signs of market upturn

By Jessica Alway

"The recession is over," Mario Belotti, Santa Clara University economist, said during a presentation called "The Last Word" on Jan. 24 in the de Saisset Museum. Using various positive economic signs to support his claim, he said that the recession ended in December.

According to Belotti, productivity declines have stopped and orders for durable goods and semiconductors have increased. Unemployment in Silicon Valley is apparently down, and around the nation claims are the lowest they have been in six months. The Federal Bank Reserve in Philadelphia is also recording the first positive index of manufacturing in 14 months.

Yet it seems the Santa Clara University community has yet to feel the direct impact of the suggested difference in the economy. Students are still struggling to find jobs in their fields of expertise.

"We haven't seen a large influx," Susan Rockwell, assistant director of the Career Center, said. "But the job fairs for the winter term have just begun. We will have to wait to see if there is a change. Currently, the number of employers participating in job fairs and scheduling on-campus interviews is still down from years before."

At the fall career fair in 2000, nearly 230 companies traveled to the campus looking to recruit young employees. That number dropped severely to just over 100 this year, making it much more difficult for students to connect with prospective employers.

"Even though the decrease is significant, it is obvious employers still value a Santa Clara education," Rockwell said. "There are other campuses in Northern California that had trouble bringing even 30 companies."

Dr. Henry Demmert, associate dean of undergraduate students and business professor, has also noticed the considerable decrease in job opportunities this year.

"It seems like the offers have dried up," he said. "There isn't just one major affected, but the impact seems to be across the board. Everyone is having great difficulty finding jobs. I have also heard stories of recent Santa Clara grads losing their jobs � as the latest hires they are the first to go with budget cuts."

Though he has yet to see the economy improve, he has received encouraging words from a former Santa Clara graduate, now the retired manager of Accenture. He stated that while employment policies at his company were currently in a state of complete freeze, he thought they would probably loosen up in the near future.

"Because Silicon Valley was flying so high last year it is easier for us to see such a violent contrast between then and now," Demmert said.

The Career Center says the location of Santa Clara is one factor that works to help students. Certain companies located within the Silicon Valley still need new workers, but their travel allowance has been cut. These companies now focus their search on surrounding universities, providing more opportunities for Santa Clara students, but by no means offering a guarantee.

"The traffic within the center has increased drastically over the past year. I think students are aware that they are going to have to work hard to get a job. Their resumes must be tiptop. Then they have to spend significant time preparing for the interview, doing their homework on the company to which they are applying," Rockwell said.

"They also recognize the importance of networking, developing contacts, a skill which is very necessary in this type of market. But even with all this preparation, students are still having trouble finding good jobs," she said.

Demmert said that his son, an economics major who will be graduating soon, has had a few interviews, but no job offers.

"My only advice to him is keep his part-time job. He just might need it a little while longer," Demmert said.

The Career Center also recommended that students not hold out for that "perfect job" because it might never come.

"Young adults need to try to simply get their foot in the door and hope to work their way up," said Rockwell. "Many students have found that jobs which initially seem unappealing are actually not too bad. They serve as a great gateway to bigger things."

As for the future of the job market, Rockwell was uncertain.

"The Career Center has noted a slight reduction in the pace at which the economy is slowing, and perhaps this is indicative of complete reversal," Rockwell said. "But I won't make any forecasts. Nothing is a sure bet. Students just need to continue to work hard to find jobs."