Some graduating Bruins seeking employment are concerned about economic uncertainty and drastic changes in the labor market.

Despite a year of interest rate hikes and numerous layoffs in certain job sectors, the unemployment rate in April was 3.4%, according to a Bureau of Labor Statistics report. While unemployment increased to 3.7% in May, overall nonfarm employment increased by 339,000 jobs.

However, UCLA students said they have experienced difficulties in finding full-time postgraduate employment.

Industries such as manufacturing and other nontechnical services that do not require a degree have been flourishing, said Oleg Itskhoki, a professor of economics. He added that job opportunities in industries that UCLA graduates gravitate toward, such as finance and technology, have been hindered because of economic fluctuations caused by the COVID-19 pandemic.

“That sector (The tech sector) is shrinking and not expanding like in the past 20 years, right. So the highest salaries over the last 20 years were in the tech sector, so basically this most desirable sector of the economy is not doing well,” Itskhoki said. “It’s still a very, very small sector relative to the whole labor market.”

Employment in the service industry is currently more available than in highly technical professions, Itskhoki said. He added that there has been a compositional change in the job market, where a majority of new jobs will not require specific expertise or a degree.

Nonetheless, some students have expressed frustration at the lack of job prospects in technical industries.

Clark Decastro, a fourth-year civil engineering student, said while he has been applying for jobs in the tech sector for the past three months, he mostly has been unsuccessful in his postgraduate job search. He added that he believes the recent trend of layoffs has made it difficult for his peers to find jobs in the industry.

Joshua Rhee, a fourth-year psychobiology student who is applying for post-baccalaureate programs before medical school, said increased competition among more qualified candidates has made it difficult to find a job in the medical field.

“Basically any student from UCLA is competition for similar job positions. Whether they’re a freshman or sophomore or graduating senior, that difference in experience could be leveled out by more time commitment or being able to guarantee time working in a clinic or a research lab or shadowing,” said Rhee.

Some students in the field of humanities also said finding a job with fair wages has become increasingly difficult. Steven Hoorfar, a fourth-year political science student, said finding law employment opportunities with fair compensation has been a challenge.

“A lot of people right now are looking for jobs that can promote a living wage, which is a lot harder to find,” Hoorfar said.

Hoorfar said while he is currently interning at a law firm and looking for other job opportunities in law, he has found it difficult to secure postgraduate jobs independently. He added that he believes many employment opportunities now require extensive network connections.

Ricardo Nieves, a fourth-year philosophy student, said he believes that some majors, such as his own, can further limit opportunities for students applying for jobs. Nieves added that he believes heightened competition in the labor market has diminished the value of UCLA degrees compared to other programs.

“I don’t know if the name UCLA – how much of an impact that has now – because I feel like it’s so competitive, it doesn’t really matter as much,” Nieves said.

Itskhoki said future unemployment rates will depend on the government’s policy attempts to curb inflation, as increased inflation leads to higher wages and therefore fewer jobs. He added that this market uncertainty may disproportionately affect graduating Bruins.

“Given the uncertainty in the beginning of the pandemic, you’d say, ‘This is a great outcome,’” Itskhoki said. “But then if you’re from the point of view of UCLA graduates, maybe it’s worse than on average.”