Monday, January 05, 2009

Job Search Dismal, Even for College Grads

Employment statistics are not looking good--even for those with college degrees. An article in the Washington Post reports that although a college degree typically facilitates job searching and increases job security, the unemployment rate for workers with at least a bachelor's degree is approaching record highs.

In fact, some economists claim the unemployment rate for workers with a bachelor's degree or higher could exceed 4 percent. This would be the highest unemployment rate for this category of workers since 1970, when the Bureau of Labor Statistics started recording unemployment by education level. Currently the unemployment rate for those with college degrees is 3.1 percent--the highest it's been since 2003.

Although the level of unemployed college graduates has approached a peak, 3.1 percent is still much lower than the overall national unemployment rate of 6.7 percent or the 10.5 percent unemployment rate among job-seekers without a high-school diploma. The Bureau of Labor Statistics' website provides monthly data about a variety of employment factors and outcomes, such as the table "Employment Status of the Civilian Population 25 Years and Older by Educational Attainment," which contains statistics through November 2008.

The BLS website also contains links to information about job outlooks in specific states and localities, including the Colorado Department of Labor & Employment's LMI Gateway.

If these links don't provide the employment information you need, see our guide to labor & employment for additional resources.

1 comment:

  1. Anonymous11:30 AM

    Is it coincidence that I stumble across this news--that unemployment figures for college grads is poised to hit a record high--on the very same day that I conclude that literacy skills among the college grads I work with is at an all-time low? Well, as my friend Bob says: the only thing worse than work is looking for work. Lucky me.