Indiana white-collar workers suffering in bad economy

Indiana's white-collar workers are feeling the sting of the current recession more than in past economic downturns, filling
the state's job market with college-educated job-hunters.

The national unemployment rate for college graduates age 25 and older was 4.9 percent in March, up from 4.4 percent a year
ago, the U.S. Bureau of Labor Statistics reports.

That's higher than in prior downturns, such as the 2001 recession, when unemployment rates among college graduates peaked
at 3.2 percent. In the 1991 recession, the college graduate jobless rate reached 3.4 percent.

Lisa McDonald, who heads Career Polish, a career consultancy in Fishers, said the market is tough for unemployed college
graduates but that there are also opportunities.

Many white-collar workers fear they could lose their high-paying jobs, she said.

"They know they might not have a job tomorrow. Blue-collar workers have always felt this. But there's no blue-collar
or white-collar anymore. We're all on the same page now," McDonald said.

The recession that started in December 2007 and has not officially been declared over has filled hiring managers' inboxes
with the resumes of unemployed professionals.

That leaves company executives less likely to recall highly paid workers let go from six-figure jobs because they know others
will work for lower pay, McDonald said.

"A lot of companies have displaced overpriced employees," she said.

In March, the Indiana unemployment rate for all workers inched up to 9.9 percent from 9.8 percent the month before, labor
market analysts reported Friday. March was the 14th straight month the Indiana jobless rate surpassed 9 percent.

Phillip Hallstedt is one of Indiana's white-collar workers without a job.

The 48-year-old with two advanced degrees and two decades of job promotions was let go by Eli Lilly and Co. in March 2009.
Hallstedt, who lives in the upscale Indianapolis suburb of Zionsville, said he thought he had accumulated the credentials
long thought to be the key to comfortable job security.

"I got hit by a double whammy," he said. "The entire pharmaceutical industry was laying off people and restructuring.
The product pipelines dried up across the industry. This began happening before the recession."

The former Lilly marketing manager has now gone without a paying job for 14 months.

Hallstedt said he realized after he lost his job that he no interest in relocating. He sensed that he'd be happy as an
entrepreneur or marketer for a small enterprise.

Hallstedt organized and now helps run a free career workshop at Zionsville Presbyterian Church, works about one day a week
for a small company and prospects for a career change. His wife handles financial matters for the church and freelances as
a financial officer.

He figures he has a year to find a job before financial pressures really roil the family.

"This has truly brought in an opportunity for me to learn," Hallstedt said. "The way I look at my career,
I'm halfway through. I've worked 20-plus, but I don't believe in a full retirement. There's something new
for me out there."