Welcome to the job world, class of 2008!  This promises to be one of the toughest summers for new job hunters in the past decade.

If Friday had been a Groundhog’s Day for new grads, there would have been no mistaking the message. On Friday we learned that:

• oil struck record highs – at a record pace, rising US$11 in a day  (US$138 barrel)
• the stock market dropped 400 points
• unemployment climbed to 5.5 percent (not historically high but not a good sign either)
• the dollar continues to plummet on world currency markets

If you can postpone entering the job force for another year or two, I’d consider it; the job economy will not be straightened out this year. Unfortunately foreign travel is a bit of a stretch thanks to the diminuitive dollar. This coming week is supposed to be rough.

A recession may not seem like the best time to run up more college debt, but depending upon market demand for your skills, you may ultimately come out ahead by being more valuable to employers in the future.

Meanwhile, a group called the National Association of Colleges and Employers (NACE) begs to differ. They claim that 2008 will be marginally better than 2007 for new grads entering the job market and that college grad will earn on average $59,873.

I don’t know when NACE fielded that study, but I will postulate that if the indicators that slammed us on Friday continue to sink, quite a few employers will suspend or postpone their hiring plans.