NEW YORK (CNNMoney.com) -- In a rare bit of good news for college students facing a tough labor market, the sharp decline in starting salaries for recent graduates appears to be stabilizing, according to a study released Thursday.
The average starting salary offered to 2010 graduates with a bachelor's degree is $48,288, according to a survey conducted by the National Association of Colleges and Employers. That's down 0.7% from $48,633 last year.
The relatively modest decline comes after starting salaries began falling steadily when the recession hit in 2008. The survey, which is conducted four times a year, showed in July that starting salaries had dropped 1.3% after a decline of 1.7% in April.
"The good news is that the decreases in starting salaries appear to have leveled off," Marilyn Mackes, NACE executive director, said in a statement. "In terms of starting salaries, this is the most encouraging news we've had since the market started tumbling in Fall 2008."
Of course, certain college majors remain more lucrative than others. The top-paid college majors were in technical fields such as engineering and computer science, while liberal arts degrees had the least earning potential.
A graduate with a bachelor's degree in petroleum engineering, for example, can expect to earn a starting salary of $77,278, on average. That's the highest of all majors in the survey and was followed by chemical engineering, mining and minerals engineering, computer science and computer engineering.
While engineering majors had the highest offers in the survey, the average starting salary for this group declined 1.7% to $58,669 this year versus the year before.
Meanwhile, liberal arts majors can expect to be offered a starting salary in the range of $35,508, down 3% versus last year. Psychology majors were the hardest hit, with initial salaries plunging 6.7% to an average of $32,260, while offers to English majors dropped 1.8% to $35,946.
There were some bright spots, however, for liberal arts majors. Salary offers to sociology majors rose 3.1% to $35,357 and history majors saw a more modest 0.7% increase to $38,731, according to the survey.
Overall starting salaries for business majors, once among the most lucrative degrees, were essentially unchanged from last year at $46,672.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.84%||3.76%|
|15 yr fixed||3.02%||3.02%|
|30 yr refi||3.82%||3.75%|
|15 yr refi||3.01%||3.03%|
Today's featured rates:
The City of Los Angeles says that the fast food chain underpaid workers at multiple locations for six months in 2016. More
The Federal Reserve on Wednesday will disclose if 34 of the country's banks will be cleared to buy back stock or pay dividends to shareholders. More
A massive ransomware attack has hit businesses around the world, causing major companies to shutdown their computer systems. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
After years of a steadily improving stock market, it's only a matter of time before the tides turn and the market falls once again. Here's how to protect yourself when the market inevitably takes a turn for the worse. More