Monday, May 11, 2020

Education and Unemployment

by Calculated Risk on 5/11/2020 01:53:00 PM

This graph shows the unemployment rate by four levels of education (all groups are 25 years and older) through Feb 2020.

Unfortunately this data only goes back to 1992 and includes only two previous recessions (the stock / tech bust in 2001, and the 2007-2009 housing bust/financial crisis). Clearly education matters with regards to the unemployment rate.

Note: There was a data error in the original post in the Bachelors Degree series. This has been fixed.

Unemployment by Level of EducationClick on graph for larger image.

Note: This says nothing about the quality of jobs - as an example, a college graduate working at minimum wage would be considered "employed".

The 'Less than a High School Diploma, 25 yrs. & over' unemployment rate increased from 5.7% in February to 6.8% in March to 21.2% in April.

The 'High School Graduates, No College, 25 yrs. & over' unemployment rate increased from 3.6% in February to 4.4% in March to 17.3% in April.

The 'Some College or Associate Degree, 25 yrs. & over' unemployment rate increased from 3.0% in February to 3.7% in March to 15.0% in April.

The 'Bachelors degree and higher, 25 yrs. & over' unemployment rate increased from 1.9% in February to 2.5% in March to 8.4% in April.