Salaries Down $1,100 for This Year's Grads

More bad news for 1.5 million college seniors graduating this year into a tough job market: Less money. The average salary offer to a new recipient of a bachelor's degree is $48,515, down 2.2% from last year's $49,624, says a survey by the National Association of Colleges and Employers. Just six months ago, the survey projected an increase of 7.6%, reports BusinessWeek.

Still, some degrees are doing better than others. Average starting salaries are up in engineering (2.3% to $58,000), accounting (2% to $48,000), and business management (3.6% to $46,000). Most liberal arts degrees stayed flat at $37,000, while computer science grads fared worst—their offers are down 11% to $59,000. On the upside, internships are paying about 5% more as employers try to retain a talented hiring pool.