Big Third Down
Bad news on employment
Education & Employment
There has always been a direct correlation between levels of educational attainment and employment. The old “rule” suggested that the higher the level of education, the greater the chances that such a person was employed.
The “rule” still applies; however, rising joblessness for those of all education levels illustrates just how widespread the current recession is.
The jobless rate for those with less than a high school diploma reached 12% in January, versus 9% a year ago. The rate for those high school graduates with no college rose to 8%, from 5.4% a year ago.
The jobless rate for those with some college or an associate’s degree reached 6.2%, versus 4% a year ago. The jobless rate for those workers with a bachelor’s degree or higher reached 3.8%, versus 2.2% in January 2008. The 3.8% rate was the highest since such recordkeeping began in 1992.
Coming months?
The only sure thing is that more pain is
coming. Businesses are taking a “shoot first, ask questions later”
approach to employment, cutting ruthlessly. Such a pattern seems likely
to continue as we move toward the end of the year.
One saving grace is that every time the U.S. economy is in recession people collectively wonder if we will ever escape it.
We do . . . we can . . . we will.
Published February 12, 2009
Jeff Thredgold, CSP, President, Thredgold Economic Associates
Republished with permission from Thredgold Economic Associates. Original article published on February 11, 2009, in Tea Leaf, a guide to understanding today's economy and financial markets.
Jeff Thredgold is president of Thredgold Economic Associates, an economic consulting and professional speaking firm based in Salt Lake City, Utah. He is an economist for Vectra Bank Colorado and the only economist in the world to have received the designation of CSP, or Certified Speaking Professional.
