The research, carried out by High Fliers, also noted that most employers had already filled their 2009 vacancies, with some closing off applications early.
These figures are particularly worrying given that recruitment was also substantially reduced last year. This year’s graduates will be battling it out with the graduates of 2008 still looking for work.
Not just graduates at risk
“Given the high levels of debt currently being accrued by students because of fees, these figures will be extremely worrying for those who are preparing to graduate in 2009,” said NUS President Wes Streeting.
"But it isn't just graduate jobs which are at risk from the credit crunch. Many students have to work part-time to finance their studies, and we may see more of them having to drop out if they lose these jobs,” he added.
“Those Vice Chancellors who are arguing for the cap on fees to be lifted in the coming year must think again, unless they want to plunge a generation of students and graduates into even worse debt during a time of economic crisis.
“Ministers should also strongly resist the inevitable calls to cut back on the numbers of people going through the higher education system. Numerous studies have shown that it is imperative that we continue to develop a highly skilled workforce for the long-term future of our economy.”
The downturn has hit the financial sector hardest with 47 per cent fewer graduate entry-level jobs, but it’s not looking good for other sectors either. Huge cuts across the board make this one of the worst years to graduate for two decades.