Bleak Economy Not So Bad for New College Grads

"The last couple of years have been very strong," Challenger said. "While recruiters are not going to add or continue to expand those efforts, most are keeping it where it was at."

Even with more discouraging economic news, Challenger said students can rest assured that most companies will stay true to their initial job offers and openings — there won't be a repeat of 2001, when some seniors found themselves graduating with rescinded job offers in the midst of economic trouble.

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"Most companies have not changed their plans in what may appear to be a slowdown in the economy," Challenger said. "Employers can ill-afford to not bring in this year's crop of new grads."

Basak, the Northwestern University senior, said he "cast the net wide" and applied to as many jobs as he could this year. He spent 40 hours a week for about two and a half months to prepare for the process.

But Basak was "pleasantly surprised" when he landed three job offers. He has recently accepted a consulting position in downtown Chicago.

At the University of California-Los Angeles, Career Center Director Kathy Sims said she sees "little correlation" between reports of a sluggish economy and on-campus recruiting activity.

"We are seeing a very robust recruiting season for our college grads," Sims said. "This is the third year running that it's been increasing – at minimum, there's been a 10 percent increase in activity."

She said there have been more job postings and more on-campus recruitment interest. Her office has added days to scheduled job fairs to accommodate the demand. She noted technology, investment banking and consulting are fields that have been exceptionally strong in career offerings this year.

While the job market for college graduates is encouraging, Challenger warned it's still not a time for slacking.