The latest government (BLS) unemployment statistics for October, 2009, were accompanied by a collective national groan. Across all populations, the average unemployment rate rose to a high of 10.2%–up four tenths of a percent from September, 2009, and 54% higher than a year ago. But unemployment woes have not affected every group equally. There is a whopping discrepancy between individuals with no high school diploma, and those with a college degree.
The statistics tell a pretty clear story, and it’s all about education. According to the BLS data, if you don’t have strong educational qualifications, you’re more likely to be unemployed. Period. Those with no qualifications at all have a 14% unemployment rate, while those with a high school diploma are unemployed at the national average. On the other hand, college graduates over the age of 25, fare significantly better. Their overall unemployment rate is now a respectable 4.6%, a rate that is still historically high, but has been decreasing since July. There remains a glut of unemployed recent graduates, but older graduates have been finding jobs: 163,000 fewer college grads over the age of 25 were unemployed in October, 2009, than in the previous month.
While it’s easy to think that the recession may be over for experienced graduates, that may be an overstatement. Certainly, more of them have jobs, but what isn’t known is whether these jobs are full or part time, and whether they actually require the credential possessed by the applicant. A college degree does not guarantee work that is interesting and lucrative—and commensurate with the money you have spent to obtain the degree. But it does make it more likely that you can find some kind of employment, even when the economy is in trouble.