logo
Millennials who graduated in the Great Recession share advice from their job-hunting trauma

Millennials who graduated in the Great Recession share advice from their job-hunting trauma

Business Insider20 hours ago
Gen Zers are starting their careers in a tough job market. Millennials and Gen Xers can relate.
Business Insider interviewed eight Americans who completed an undergraduate or graduate degree between 2007 and 2010, during the heart of the Great Recession. They found themselves launching their careers in a job market that was even more daunting than the one recent grads are facing today.
As of March, the most recent data available, 5.8% of recent college graduates ages 22 to 27 were unemployed, compared with 4% of the overall workforce ages 16 to 65. That gap is the widest it's been in 35 years of jobs data, according to an analysis by the New York Fed. The recent grad unemployment rate hasn't been this high since October 2013, and in 2010, it peaked at more than 7%.
While early job search challenges disrupted the careers of many of the millennials BI heard from, most said they've managed to not only find work but also build successful careers. One Gen Xer with two master's degrees had to start off in an unrelated field, but now has the career she desired. They all shared how the Great Recession affected their job searches, how they found their first jobs after graduation, and their top advice for today's recent college graduates.
Here are their stories, in their own words. Their quotes have been edited for length and clarity.
Have you landed a new job in the last few years and are open to sharing your story? Please fill out this quick Google Form. Struggling to find work? Please fill out this Google Form.
Take every interview you can
Allyson Noonan, 39, is a PR consultant and adjunct professor based in New York.
I graduated from Marymount Manhattan College in December 2007 with a degree in communication arts. I hoped to land a public relations role.
While I had excellent internships, no one was hiring when the recession started. While I was job searching, I worked part-time at Anthropologie and babysat.
After submitting more than 100 applications, I still couldn't find work. But then, 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.
My first position was definitely not my dream job. The company focused on an industry I wasn't especially interested in, and I had to accept a salary that was much lower than my peers who graduated just a couple of years before me. However, I learned the foundational PR skills that have served me well ever since.
Your first job doesn't have to be your dream job — or even related to your career
Alicia Strata, 38, is a marketing director at a luxury travel agency based in Alabama.
I graduated from Columbia College Chicago in May 2010 with a marketing communications degree. I hoped to land an internship that would help me get a job at an advertising agency, but the job market was tough.
During the second semester of my senior year, I decided to apply to Teach For America and was accepted. Teaching was completely out of my area of study, but I was looking for something that felt both purposeful and possible in a shrinking job market. TFA offered that: a paycheck, a mission, and structure during chaos. The summer after graduation, I moved to South Dakota to begin my placement as a 4th-grade teacher.
Although TFA didn't directly further my marketing career, it did give me valuable leadership skills and life experience that a traditional path wouldn't have afforded me.
My biggest advice for new college grads is that you don't have to start in your dream job, but you do have to start. Take whatever you can to get going, but keep your eyes open and continue to pursue what you really want. That's what eventually led me back to marketing.
Looking for a job is a job in itself
Kourtney Jason, 39, is the cofounder of Pacific & Court, a digital marketing company. She is based in New York.
I officially graduated from California State University with a journalism degree in May 2008. However, I'd wrapped up my coursework and was available to work in December 2007.
While I applied for journalism jobs all through my last semester of college, I was told I didn't have enough experience despite having multiple internships on my résumé.
I accepted an unpaid internship at Seventeen magazine from January to May 2008. During these five months, I continued to network and apply for jobs until I finally landed a full-time role at TWIST magazine. This was, in many ways, my dream job, but in July 2010, I was laid off.
Despite my early career challenges, I think I've absolutely been able to recover. From that first job, I made so many connections personally and professionally that still impact and influence my work today.
My biggest advice for college grads is to remember that looking for a job is a job in itself. You need to invest time and effort into your search and network.
Stop chasing name-brand companies
Patrice Williams-Lindo, 52, is the CEO of a career coaching platform based in Georgia.
I finished my MBA in 2006 and earned a second master's in instructional technology in April 2008 — both from American InterContinental University. I was seeking consulting roles, but the Great Recession made my search feel impossible, especially since I was coming from a lesser-known university.
I knew I had to change my job search strategy. A career coach told me not to chase name-brand companies but to target smaller, boutique consulting firms that would be more likely to value my skills. I took that advice.
In September 2008, I got my first consulting role at a small firm — a job that finally put my degrees to use. That opportunity became the foundation for a consulting career that eventually led me to start my own business.
While I searched for a job, I worked full-time teaching Spanish and business at a private high school. Although education wasn't my desired field, it allowed me to stay employed while I kept looking.
My biggest advice for recent graduates is that your job title doesn't determine your value. If you're overlooked, use the skills you have — even in unconventional ways — while you aim for the career you want.
You'll have to get creative if your industry is hit especially hard
Tye Davis, 40, is the CEO of an interior design firm based in Florida.
I graduated from the Art Institute of Pittsburgh in December 2007 with a degree in interior design. Given that some interior design jobs were commission-based, landing one wasn't too difficult. The main challenge early in my career was that I was offering an inessential service in a declining housing market tied to the recession.
In searching for a position, I sought out high-end stores, thinking that high-income individuals were at less risk of losing their homes. In January 2008, I started a full-time position as an interior designer at a local furniture store.
Looking back, I don't think the Great Recession had a lasting impact on my career. If anything, it made me more prepared for a cooled market or downturn. My biggest advice for new college grads is to attend in-person networking events within the field you are searching in.
An unpaid internship was worth it for the experience
Libby Dugan, 38, is an independent PR consultant based in Indiana.
I graduated from Indiana University in May 2009 with a degree in political science. I was looking for jobs in state government and public affairs. However, the recession made it extremely difficult to secure a career in the months after graduation.
I continued to search for a full-time paid role while I did an unpaid internship at the Department of Agriculture, followed by a paid internship at a law firm. Working, even unpaid, kept me busy and added experience to my résumé. In August 2010, I found my first full-time position as a special assistant to Indiana's lieutenant governor.
My biggest advice for today's recent grads is to be open to a job that may not fit your college degree. I work in PR now, and I don't have a degree in marketing or communications. I learned far more from real-world experiences.
In-person networking could help you get noticed
Mandi St. Germaine, 38, is an elementary curriculum coach based in Louisiana.
I graduated in December 2009 from Nicholls State University with a degree in General Studies. I hoped to find a job as an educator in a private school setting while I pursued my alternative teaching certification, but the challenging job market disrupted my plans.
I secured my first full-time teaching job in the summer of 2010 after relocating to North Carolina, where my husband was deployed as an active-duty soldier. Being persistent and flexible helped me in my search. I met with school personnel, attended hiring fairs, and was open to accepting temporary work until a permanent job was offered.
My biggest advice for recent college graduates is not to be discouraged if your career path doesn't play out like you hoped it would. Take this time to strategically network and be willing to take on positions that may not be your dream job. The setback may just be the reason a door opens in the right places.
I prioritized stability and found it
Judnefera Rasayon, 41, is an independent communication coach based in Maryland.
I graduated from Princeton University in 2006 with a degree in public and international affairs. In June 2008, I received a graduate degree in public policy from Harvard University. In July 2008, I started my first full-time job as a foreign service officer with the US Department of State.
While I was in school, I applied for a fellowship at the Department of State that essentially guaranteed I'd have a job for a few years after graduation. I hoped that would help me weather the storm of the Great Recession, and it did. I worked there for the first six years of my career.
My job search strategy consisted of looking for a job and career in a stable industry and then relentlessly pursuing that. My biggest advice for recent college graduates is to be flexible about what you are willing to do for work, even if it's not what you studied or thought you'd be doing. The traditional 9-to-5 isn't the only option for stability and success, and being open to different career paths can be helpful.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Want more growth? Welcome more immigrants.
Want more growth? Welcome more immigrants.

Boston Globe

timean hour ago

  • Boston Globe

Want more growth? Welcome more immigrants.

Which means the only way to ensure the population base needed to keep the economy growing is to increase the number of immigrants entering the United States. Much of the public supports President Trump's ferocious crackdown on illegal immigration. The administration is obsessed with rounding up and deporting foreigners who have been living in the country without proper documents. Whatever the wisdom of that policy, it ignores the fact that the vast majority of unlawful migrants who enter the country come here to work in peace. The US economy in recent decades has fueled an unprecedented demand for labor, but there aren't nearly enough legal channels to accommodate that demand. The result has been an influx of migrants crossing the border unlawfully. And that in turn eventually triggered the political backlash that helped send Trump to the White House. Advertisement All the while, however, millions of jobs are going unfilled in this country, because there aren't enough working-age Americans to fill them all. Clearly the best way to solve the problem of illegal immigration is to make it easier for foreigners to immigrate to America legally . That, in turn, is the only way the United States can have the expanding labor force necessary to achieve economic growth and higher living standards in the decades ahead. In The authors show that nearly half of the net growth in the US labor force over the past decade has come from immigrants. That might seem surprising since only about 1 in 7 Americans are foreign born. But immigrants are more likely to work than native-born Americans of working age. In 2023, just under 60 percent of US-born natives age 16 and older were working. Among immigrants, the percentage was almost 65 percent. 'Over the past decade, immigrants have filled nearly 40 percent of the new jobs in America,' Vedder, Moore, and Denhart write. And for most of that time, the unemployment rate has remained at historically low levels — evidence that immigrants are not displacing US-born citizens from jobs that would otherwise have gone to them. With roughly Advertisement But what makes immigrants so valuable to the US economy goes beyond their propensity to work. There is also their extraordinary performance as innovators and entrepreneurs. More than 45 percent of Fortune 500 companies were founded by immigrants or their children, and immigrants are more than twice as likely as US natives to start a business. In 2023, according to Such statistics are striking, but they also stand to reason. Almost by definition, immigrants have a higher than normal willingness to take chances, to relinquish the familiar, and to try new things. It shouldn't come as a surprise that newcomers from abroad are fired with a passion to dream the American Dream, or that Immigration increases both the labor supply and labor demand, which helps explain why states with the highest immigration inflows, such as Texas and Florida, are associated with lower unemployment than other states. Because immigrants are more likely to work and to start businesses, their presence leads to higher rates of economic growth. 'The parts of the United States with the highest proportion of population coming from other nations have higher levels of total output per capita,' the Unleash Prosperity authors show. Thus, in the 10 states with the highest percentage of immigrants, output per capita is nearly 40 percent higher than in the 10 least immigrant-intensive states. To be sure, correlation may not prove causation, and immigration is not the only factor affecting economic output. But it is hard to dispute that immigration and growth go together. Advertisement What is true nationally is true locally. At a presentation I attended in 2012, Boston's then-mayor Thomas Menino rattled off a slew of numbers that underscored how much foreigners added to the city's prosperity. There were 8,800 immigrant-owned small businesses in Boston, Menino said, producing nearly $3.7 billion in annual sales and employing more than 18,000 people. At the time, immigrants living in Boston were spending $4 billion per year, generating $1.3 billion in state and federal taxes. Since 2012, the To fully understand why robust immigration boosts American prosperity, it is crucial to take into account the contributions of their children . The United States would never have become the world's foremost economic powerhouse if not for the innovations of first-generation Americans — men and women whose parents were immigrants. Steve Jobs, the co-founder of Apple, was the son of an immigrant from Syria. Larry Ellison, creator of the software firm Oracle, was born to a single mother from Ukraine. Jeff Bezos was raised by Miguel Bezos, who immigrated from Cuba. Henry Ford's father came to America from Ireland. Advertisement Needless to say, millions of other first-generation Americans, though not as famous or as rich as the megabillionaires, have contributed to every American industry and field of endeavor. And in the process they have typically risen to greater heights than their foreign-born parents. 'Since immigrants arriving in America are typically poor (particularly these days because of the large recent inflow of relatively unskilled illegal aliens), immigrant poverty rates are higher than that of native-born Americans,' the three authors observe. 'But poverty among their adult children is typically below that of the native born. Moreover, while immigrants themselves are more likely than native-born Americans to receive graduate or professional degrees, their education is modest relative to their own children, who exceed native-born Americans in terms of high-level educational attainment.' In short, without immigrants and their children, the United States would be a poorer, duller, less influential, less desirable nation. That is especially true given the crisis of America's 'birth dearth,' since immigrants tend, on average, to be younger and to have more children than natives. According to Census Bureau calculations, the number of working-age US-born Americans is projected to fall by 5.3 million between now and 2040. Over the same span, the population of working-age immigrants is expected to grow by 1.9 million. Immigration has always been the great growth hormone of American history. More immigrants have always meant more economic development, more innovation, more cultural richness. That is as true today as it has ever been — and it is compounded by the fact that the US economy desperately needs more workers. Border control is not incompatible with a policy of welcoming immigrants with open arms. And the surest way to dissuade illegal immigration is to create more opportunities for would-be Americans to immigrate lawfully. Advertisement Anti-immigrant demagoguery may excite some in the MAGA camp; there has always been an appetite for Expanding legal immigration is a pro-growth, pro-worker, and pro-sovereignty agenda. It is the best way to strengthen the rule of law, suppress mayhem at the border, and maintain America's role as a safe haven for the oppressed — all while attracting the young and dynamic workforce on which US growth depends. We have always needed more immigrants. Now, as the United States is about to enter its second quarter-millennium, we need them more than ever. To open our gates to striving would-be Americans is to turbocharge the economy and enrich the American way of life. Much has changed since This is adapted from the current , Jeff Jacoby's weekly newsletter. To subscribe to Arguable, visit . Jeff Jacoby can be reached at

Social Security email says policy bill eliminates tax on benefits. Does it?
Social Security email says policy bill eliminates tax on benefits. Does it?

Miami Herald

timean hour ago

  • Miami Herald

Social Security email says policy bill eliminates tax on benefits. Does it?

In a celebratory email sent to Americans across the country, the Social Security Administration praised the Trump administration's sprawling budget and tax bill and said it eliminated federal income taxes on most retirees' benefits. But that's not exactly what it does. Many retirees quickly took notice, with several writing The New York Times to question some of the agency's statements, while pointing out what felt to them like unusually partisan language. The agency's embrace of the legislation, which was signed into law by President Donald Trump on Friday, was also at odds with the effect it is expected to have on the program's financial health. The law is projected to further weaken Social Security's revenues at a time when it is already facing a financing shortfall. Eliminating taxes on Social Security, along with taxes on tips and overtime, was one of Trump's often-repeated campaign promises. The email, which went out Thursday, said the new law 'includes a provision that eliminates federal income taxes on Social Security benefits for most beneficiaries,' and, 'additionally, it provides an enhanced deduction for taxpayers aged 65 and older.' But the enhanced deduction will help reduce households' tax bills on their overall income, including Social Security income. 'The SSA statement implies there is a direct tax cut on Social Security benefits,' said Howard Gleckman, a senior fellow at the Tax Policy Center, a nonpartisan think tank, 'which there is not.' Instead, older single filers will get the extra $6,000 deduction ($12,000 for couples), as long as their income falls under a certain ceiling (below $75,000 for single filers or $150,000 for married joint filers). Above those income levels, the deduction begins to decrease, and it goes away once single taxpayers' income reaches $175,000 ($250,000 for couples). Nor will the extra deduction benefit all Social Security recipients. Retirees who are 62 through 64 are ineligible. And since the income of more than half of Social Security recipients is too low to be taxed anyway, lower-income people won't be helped much. The new break is expected to benefit middle- and upper-middle-class households, tax policy experts said. (Recipients who earn less than $63,300 owe an average of 1% of their Social Security benefits in taxes, according to an analysis from the Center on Budget and Policy Priorities.) 'It is discouraging to see such misrepresentation by the administration and the Social Security Administration,' said Martha Shedden, president of the National Association of Registered Social Security Analysts, a group that offers guidance to consumers and financial professionals on making Social Security decisions. The Tax Policy Center estimates that less than half of older adults, most of whom earn about $50,000 to $200,000, will get some benefit from the new deduction, though most of them will still owe some tax, Gleckman added. Under current law, an estimated 64% of beneficiaries did not owe taxes on their Social Security benefit, and the new deduction would boost that number to 88%, according to an analysis in June from the White House Council of Economic Advisers. Frank Bisignano, the commissioner of the Social Security agency said in the email, 'By significantly reducing the tax burden on benefits, this legislation reaffirms President Trump's promise to protect Social Security and helps ensure that seniors can better enjoy the retirement they've earned.' The email also says that 'nearly 90% of beneficiaries will no longer pay federal taxes on their benefits.' That, too, is misleading because the deduction is temporary, only in effect for tax years 2025 through 2028. The Social Security Administration did not immediately respond to a request seeking comment. The change will also weaken the program's finances. Besides the payroll tax, the program's lifeblood, the taxation of Social Security benefits adds revenue to the program's trust funds. The taxation of benefits began in 1983, in an effort to stabilize Social Security's finances, and is the type of measure that some policymakers say is needed again now. Social Security's retirement trust fund already faced a financing shortfall that, if left unaddressed, would cut millions of retirees' crucial monthly benefits by 23% in 2033. The Trump administration's bill is expected to pull that date into 2032 and deepen benefit cuts by roughly 1 percentage point, according to a recent analysis by the Committee for a Responsible Budget, a nonpartisan group that calls for lower deficits. That's because the new law reduces the amount of revenue deposited in Social Security's trust fund by decreasing the number of older Americans paying taxes on their benefits and cutting the rates at which some of their benefits are taxed. (The law also reduces revenue deposited to Medicare's trust fund.) 'The bill won't end taxation of benefits, but it will cut those taxes and as a result, accelerate the looming insolvency of Social Security and Medicare,' said Marc Goldwein, senior policy director at the Committee for a Responsible Budget. The year '2032 is just around the corner, and we are not ready.' This article originally appeared in The New York Times. Copyright 2025

The Rise of 84-Month Car Loans: Why Buyers Are Trapped
The Rise of 84-Month Car Loans: Why Buyers Are Trapped

Miami Herald

timean hour ago

  • Miami Herald

The Rise of 84-Month Car Loans: Why Buyers Are Trapped

Regardless of whether you've nervously scrolled through endless listings on dealer websites or wasted hours of your life configuring your dream cars online, it hurts to know that new cars are expensive. According to analysts from Kelley Blue Book and Cox Automotive, dealers are doing the most they can to keep car prices steady; however, the average new car in the U.S. still costs a whopping $48,799 in May 2025, a 2.1% increase from the same month in 2024. Although data shows that tariffs have influenced some buyers in the U.S. to defer or delay their buying decisions, other buyers must finance their cars, which keeps a disturbing trend alive among new car buyers. According to new data released by car buying authority Edmunds, Americans' auto loans are reaching a point where Dave Ramsay and Caleb Hammer would declare a personal finance armageddon. While automakers and dealer groups would advertise their single-digit promotional financing rates as terms that extend over 60 months (5 years) or 72 months (6 years), buyers are stretching their payment plans for much longer. Edmunds reports that in Q2 2025, more buyers than ever are taking out loans over the course of 84 months (7 years), making up about 22.4% of new-vehicle financing in the quarter, up from 20.4% in Q1 2025 and 17.6% during the same period last year. Though buyers are willing to stretch and spread out their loan terms for a lower monthly payment, they aren't being spared from paying out the wazoo every month. According to Edmunds, over 19.3% of new car buyers had monthly payments that exceeded $1,000 in Q2 2025, a notable increase from the 17.7% in the previous quarter. As more buyers opt for extended loan terms, Edmunds' consumer insights analyst Joseph Yoon warns that this could have later consequences, especially as the risks and tribulations of car ownership, such as upkeep costs and depreciation, kick in. "While extended loan terms may make a monthly payment more palatable, consumers need to keep in mind the risks associated with a loan extended that far into the future, including increased costs for upkeep down the line and the risk of being underwater on the loan if the car is traded in before it's paid off," Yoon said. "If payments on a more standard 60- or 72-month loan don't fit your budget, you might consider leasing. While you won't be building equity in your vehicle the way you do with a purchase, leases afford time to get your finances in better shape with lower monthly payments in the meantime." Although ads on TV during select promotional periods, like certain federal holidays, show that your local [insert automotive brand here] dealer is offering 0% APR loans, or a number close to it (such as 0.9%) on a specific model, these kinds of rates are far out of reach for the average new car buyer. Edmunds says that the average buyer financed their cars at an annual percentage rate (APR) of 7.2%. However, this doesn't mean that 0% finance deals don't exist; in fact, they accounted for 0.9% of new-vehicle loans in Q2 2025. This was the lowest share Edmunds recorded since 2004, down from 1% in Q1 2025 and 2.9% in Q2 2024. However, while it is commonly known that a sizable down payment is required to achieve manageable monthly payments, in addition to accepting longer loan terms, Edmunds found that buyers are putting less money down on their new car loans than ever before. According to their data, the average down payment that buyers put down on their new-car loans was $6,433 in Q2 2025, which is down from $6,511 during the previous quarter and $6,579 during the same time last year. At the same time, Edmunds found that new car buyers are financing increasingly expensive vehicles. They found that the average amount financed for new cars climbed to an all-time high of $42,388 in Q2 2025, up from $41,473 during the last quarter and $40,873 during the same time last year. In a statement, Ivan Drury, Edmunds' director of insights, noted that while it would be easy to assume and point fingers at the Trump administration's tariffs, car prices remain steady at a level that car buyers still can't afford. "It's clear that buyers are pulling the few levers they can control to manage affordability, whether that's by taking on longer loans, financing more, or putting less money down - even if some of those decisions increase their total costs," Drury said. "Consumers are continuously stretching to afford new vehicles in this market, and while tariffs haven't directly driven these Q2 numbers, they're certainly not going to make things any easier for shoppers moving forward." We are seeing automakers react to the reality of extended loan payments, too. In fact, the Stellantis-backed Ram Trucks began to offer a best-in-class 10-year/100,000-mile powertrain warranty, which gives Ford and Chevy something to think about. However, in its press release, Ram acknowledges that the warranty comes as "more buyers opt for extended loan terms." "Everything is more expensive, and trucks are certainly no exception. Truck buyers are financing purchases for longer periods of time, with nearly 80% of new truck loans exceeding five years," Ram Trucks CEO Tim Kuniskis said in a statement. It is one thing for automakers to recognize this reality, but it is another to enable it. This data comes at the same time when auto loan delinquency is at its highest, as 1.4% of auto borrowers were at least 60 days behind on their auto loan payments during the first quarter of 2025, per TransUnion. Copyright 2025 The Arena Group, Inc. All Rights Reserved.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store