Wednesday, March 25, 2015

Long Term Unemployed College Educated Out Of Work As Long As High School Dropouts

From BloomberBusiness, "College Degree Is No Guarantee You'll Leave Ranks of Unemployed Quickly: College isn't preventing Americans from becoming long-term unemployed" by Gail Degeorge:
...once you're out of work, being better educated barely seems to improve your chances of finding a new job within half a year, a recent analysis by the Bureau of Labor Statistics shows. Of those ages 25 or older with at least a bachelor's degree who were jobless last year, 37.7 percent were out of work 27 weeks or longer. That compares with 38.3 percent for those who didn't finish high school.

Percent Long Term Unemployed By Education Chart
Source: BloombergBusiness
The pattern also seems fairly consistent. In 2007 -- the 18-month recession started in December that year -- 21 percent of the jobless with college degrees were unemployed long-term, compared with 20.5 percent who hadn't completed high school. [Emphasis added.]

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