The above chart to me is still the most important chart of the unemployment series. It tells us that the higher the educational achievement, the lower the unemployment rate. In addition, it also tells us that in the current US economy, the specialization that comes with higher education is valued and important and frankly, a requirement.
Consider this in contrast with yesterday's post on goods producing jobs -- which are typically associated with lower educational attainment. In this recession, the less educated have taken a tremendous hit.
3 comments:
Excellent information. Thank you for the research. I have been interested in this education attainment correlation to joblessness.
I still suspect that this rate will jump for advanced degrees once the states start to see the localities lay off the teachers in droves as the localities' tax base continues to erode.
So, this means that the extra 40,000 to 80,000 dollars in debt to complete a four year and more diploma means that a person has a one in twenty shot at extended unemployment versus a one in ten shot for the "some college" crowd.
Interesting that even our high skill, high education economu cannot employ more than 95% of its high education/high skill people.
I disagree with the notion that higher education is specialization. Not that I have data to back it up, but I think that's one of the biggest myths about college. In my experience, the opposite is true. The majority of those with four-year degrees do not work in the field they majored in. Rather, those with college degrees are more able to smoothly navigate career changes, because they're more well-rounded. It's the construction workers who are hurting in this economy, and I argue they're the specialists.
Consider this -- whether someone's major was Economics or Education or Physics, odds are they can write coherently, dress professionally and use a spreadsheet. There are a lot of skills that transfer between desks -- and industries. Whether you're working for Burger King or Siemens, these companies need purchasers, accountants, lawyers, etc. There's no shame in being a carpenter, but even if one is willing to suddenly shuffle papers for a living, what can they put on their resume to get hired?
It may seem like nit-picking, but the idea of "college = specialization" seems prevalent and disturbingly unquestioned. Part of attacking the unemployment problem is understanding exactly what our labor force is comprised of, and I think it would be a grave mistake to have our specialists and generalists backwards.
Higher Education does two things if pursued industriously. It broaden and deepens one's general understanding of one's place in the world, and it provides a specialty that one may exploit for financial gain. Both are truly valuable goals and both are tangible benefits of higher education. Oh, and beer. Don't forget the beer.
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