Just on the heels of the most recent wave of college graduates to leave the cocoon of campus life, many are feeling the crunch of today's perilous economy and dwindling job market.  Even so, most graduates are still desperately looking for jobs--any job.

'My parents are cutting me off this month and I still don't have a job. I'm seriously applying to everything and anything—even administrative assistant positions,' said Catherine Castillo, a recent business administration graduate from the University of California (UC), Riverside.  Like Castillo, countless other graduates are struggling to find a place in the tightening job market.

'I still haven't found a job yet,' said Gwendolyn Lau, another recent business administration graduate from UC Riverside.  'I'm going to the temp agency tomorrow.  That's the most I can do at this point.'

Working for temp and staffing agencies is an efficient way to make ends meet while on the hunt. In addition, most temp positions pay well above minimum wage.

'It sure beats working at McDonalds,' says Jae Park, a college graduate who worked at temp agencies for several months until he was offered a position at Compaq.  'I mean, you get paid more than minimum wage and you don't have to go through the hassle of applying to a ton of positions in the mall.'

Temp agencies, which are often seen as pariahs in the working world, now beckon to students in the economic flop.  But working at temp agencies can even have perks; some agencies offer benefits including medical, dental, and vision insurance. More importantly, temp agencies allow new graduates a chance to sample different fields before making a life-long choice. 

But if you refuse to become a temp slave, there are other means of survival. 

Tried and True: Networking

'It's all about contacts inside, networking, connections,' said Karen Paek, a graduate from New York University, who has been working for a year at Mediavest Worldwide, an advertising agency in New York City.  'People get tons and tons of resumes everyday and they don't have time to read through every single one. If you have connections, you stand out. And it's like a referral.' Networking is an effective and time-tested strategy for getting jobs, which means building, creating, and maintaining relationships is imperative.

'You have to meet as many people as you can. Go out to the places they go. When you meet them, get their contact information. E-mail them, call them. Whatever you do, just always keep in touch with them.  It's through them and their friends that will probably get you the job,' said Abel Pena, the editor for the UC Irvine student newspaper.

Those still in college should take advantage of the campus career center, career fairs, and job listings.

'I found submitting my resume online extremely ineffective.  What I did find effective was submitting my resume to jobs which were e-mailed out through the U Penn Alumni Career Listserve,' said Andrew Chai, a graduate from the University of Pennsylvania now working as a portfolio specialist for Merrill Lynch Investment Managers.

With the downfall of the home mortgage sector and companies such as BearSterns and the increasing number of layoffs nationwide, the economy doesn't look like it will be improving anytime soon.  In the meanwhile, college graduates should not lose hope.  The best bet is to be persistent in the job search and establish connections in the meantime. The time you invest in the job search will eventually pay off in the end.

Timeless:  Grad School

Then there is the always dreaded grad school.  Many recent college graduates who previously swore off graduate school are suddenly reconsidering the benefits of higher learning. 

Turning to grad school as a means to wait out a recession has always been a time-tested strategy.  During the less than stellar job market of the mid-1980s, graduate school applications rose about seven percent a year.  Recently, however, US News states that the number of applicants to graduate schools in all programs and locations has increased 13 percent, and Kaplan, LSAT, and MCAT preparation courses have seen a dramatic increase in their revenues.

There are more benefits to grad school than just avoiding the economic slump. In a workforce where college degrees are the norm, standing out with master's degree gives candidates an edge. A master's degree could open doors to more career options, management possibilities, faster advancement, and more control over your career.  During slow economic times, it may just land you the job.