Job Market Smiles on The Educated
August 30, 2002
Job seekers holding college degrees are weathering the economic downturn and troubled recovery with surprisingly good fortune. Unlike their unfortunate counterparts -- those lacking even a high school diploma -- the brightest are finding work.
- Employment among college graduates has increased by more than 1.1 million jobs in the last year -- even as less educated workers saw 2 million jobs lost.
- The unemployment rate among college graduates in July was 2.9 percent -- while the rate among workers lacking a high school degree was 8.7 percent.
- Employees with a bachelor's degree earn an average of about $50,000 annually -- while those who have graduated high school earn only about $27,000.
- Employment specialists report that a college degree today is what a high school degree used to be -- a minimum employment criterion.
"Employers are looking to bring in ideas and intellectual property, rather than raw skills," comments Bank One's Diane Swonk.
Source: Stephanie Armour, "Downturn Goes Easier on College-Educated Workers," USA Today, August 29, 2002.
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