A College Degree Is Still The Best Predictor Of Whether You're Unemployed
The latest jobs report showed that U.S. companies added 217,000 nonfarm payrolls in May.
The unemployment rate also remained unchanged at 6.3%.
BLS breaks down payrolls data by a number of factors, including education level.
For those with a bachelor's degree or higher, the unemployment rate was just 3%, significantly lower than the national average.
Additionally, unemployment among those who have completed some college or graduated from high school and completed no college is also better than the national average, coming in at 5.3% and 6.1%, respectively.
It is only when you get to those who dropped out of high school that the unemployment rate tops the national average, with 8.5% of those unemployed.
On Twitter, Justin Wolfers put this data into chart form.
It's important to keep in mind that the data changes for recent college graduates. Last year, the BLS showed that the unemployment rates for anyone who graduated between 2007 and 2011 stood at 12.6%.
Last week, BI's Mamta Badkar detailed how insanely expensive college is about to get.
With unemployment among college graduates far below the national average, students and families looking at the skyrocketing cost of college face some tough choices in the face of some clear data. Read » | | |
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