Students at Long Beach State fear a possible inflation will interfere with their plans after graduation as economists predict a recession.
CSULB associate professor of finance Laura Gonzalez explained the cause of the recession.
“We are in a situation in which the Federal Reserve is increasing interest rates to try to control inflation,” Gonzalez said. “People still see that with their paycheck and they cannot make a living.”
In 2020, approximately 50% of the U.S. graduating class found a full-time job within six months after graduation, while the other 50% freelanced or faced unemployment.
Long Beach State senior aerospace engineer Nickey Diorio plans to look for a job in his field, but with a possible recession, he fears there will be few job openings in his field of work.
“I’m worried that financials are really going to be an issue especially prior in my life they really were so there’s almost a little bit of a fear for it,” Diorio said.
Rising inflation is still a factor in student loan debt, as the graduating class of 2020 had an average student debt of $30,000. After adjusting for inflation in May 2021, their debt increased to $31,500.
However, some CSULB students are not worried about their plans after graduation or about the possible recession.
CSULB senior aerospace engineer and government contractor Camden Patton is not worried about the recession, but is concerned that the cost of production will go up.
“Machining parts doing anything with software, hardware, advancements in technology, everything’s going to cost a lot more, that is a big worry for me,” said Patton.
As inflation increases, businesses also increase the prices of their products.
“[Students] have made a good choice pursuing an education, that’s the best investment in the future,” Gonzalez said.
CSULB Liberal Arts director of advising Tanisha Peoples said earning a degree will help graduating students secure a job.