Unsteady economy, uncertain job market

Written by Drew Espeseth Monday, 13 October 2008 19:00

With stocks plummeting to all-time lows and comparisons to the Great Depression of the 1930s being made, the state of the economy is an issue on many Americans’ minds.

Cole Gustafson, a professor in the department of agribusiness and applied economics, has taken steps to educate the NDSU community as well as citizens in Fargo-Moorhead and across North Dakota. Open forums have been planned for the Fargo-Moorhead community and a video conference for people in 13 locations across the state.

“We’re recognizing a lot of public concern over our current economic situation, and as an institution, we can help,” Gustafson said.

An open forum last week focused on economic issues for NDSU faculty, staff and students.

Gustafson said the open forum was planned to address three sets of questions:  to understand how the economy has reached this situation, to discuss the actions the government is taking to help, and to provide strategies that individuals can use to help their own situations.

A major focus of the open forum was whether not fallout from the economic crisis will affect NDSU students in their search for jobs after graduation.

“The economy in North Dakota has been relatively stable,” said Gustafson, but future job prospects remain uncertain.

Gustafson said as NDSU becomes a nationally recognized university, students are looking across the country and around the world for job opportunities.

The availability of jobs “depends an awful lot on the geography of the area and on the industry,” Gustafson said.

Even in times of economic uncertainty, Gustafson said industries are always changing and adapting to provide new jobs based on the state of the economy.

Gustafson also said that he still gets phone calls and emails from employers hoping to meet with students.

“But if you’re looking for [employment in] an area that’s facing trouble, you might find it more challenging,” he said.

Gustafson’s best advice for students concerned about their employment futures is to be flexible and mobile, willing to adapt to a changing workforce as dictated by a changing economy.

Gustafson also said to remember one of the basic principles in business is the business cycle.

“We just happen to be in a downturn right now, but it’s not unexpected,” he said. “It’s a cycle, and things are going to be changing – hopefully rather soon.”