Employers plan to hire 3.9% more graduates from the class of 2023 than they did from the class of 2022, according to a report released today by the National Association of Colleges and Employers.

However, while NACE’s “Job Outlook 2023 Spring Update” survey results are positive, they are down from earlier projections; in the fall, employers projected a 14.7% increase.

More than one-third of the survey’s respondents plan to increase hires and more than half will maintain hiring levels, while approximately 12% expect to trim their college hiring. The report found that the expectations shifted from fall 2022 projections, when more than half planned to increase hires and less than 6% planned to decrease college hires.

“These trends can be explained, in large part, by examining the movement within certain industries,” said Shawn VanDerziel, executive director at NACE. “Some industries that planned large increases in the past are cutting back on their college hires. This is especially true for technology companies, which are laying off employees after hiring in large numbers during the pandemic.”

The report noted the hiring trend coincides with shifts in average starting salaries for the current class. NACE’s “Winter 2023 Salary Survey” found that starting salaries for new college graduates earning bachelor’s degrees seem to be leveling off. According to the report, this is evident for those in traditionally higher-paying disciplines.