More than 2 million jobs that require bachelor degrees have been recovered since recession began
Those without a high school graduation are more than three times as likely to be unemployed in the prolonged economic downturn than college graduates with a bachelor degree, according to a recent study conducted by the Georgetown University Center on Education and the Workforce.
Seven percent of college graduates with at least a bachelor degree are still unemployed in the prolonged economic downturn, while another 14 percent are underemployed in jobs for which they are overqualified. This is in stark comparison to the 24 percent unemployment rate for new high school graduates and 42 percent for those underemployed.
The Georgetown study “demonstrates the importance of education beyond high school for individual workers and our national economy,” the Center issued in a statement.
While wealth inequality has become one of the key presidential campaign issues, the Georgetown study explores how the job recovery has “increased the divide between the less-educated and more-educated.” Nearly four out of five jobs lost in this the longest recession snce World War II were held by those with no formal education beyond high school, while of the half that have been recovered, virtually all required some form of postsecondary education.
Jobs that require bachelor degrees increased by 2.2 million since the beginning of the recession. Jobs that required some college or an associate’s degree dropped by 1.8 million during the recession, but have regained 1.6 million since the recovery began two years ago. At the same time, 5.8 million jobs for those with a high school education or less have been lost since the recession began.
Looking beyond the so-called “man-cession” and “man-covery,” terms coined in the media to highlight the differences in job losses and gains of men and women, the study finds more pronounced differences attributable to education. Men, the study concludes, lost more jobs than women during the recession in part because men were in low-education jobs.They gained more jobs during the recovery by getting more education and by moving into occupations and industries that demand higher skills.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.