Last
week's U.S. jobs report was about as expected, with employers adding
175,000 jobs in May, according to the U.S. Department of Labor. And
again, one group stood out: college graduates.
Amid the debate about college costs and the value of a university degree, in May, 7.4% of high school graduates were unemployed, while just 3.8% of university graduates were without a job, according to seasonally adjusted data from the US Bureau of Labor Statistics (BLS). That trend — of almost double the unemployment rate for high school grads compared with college grads — has largely held steady even amid the U.S. recession. Those with no high school degree were the worst off, with an unemployment rate of 11.1%.
Kathleen Kingsbury writes for BBC Capital that the trend isn't one limited to only American workers. Workers with a university degree are more likely to be employed in many countries across the globe, she writes in "How crucial is a degree around the world?"
(Photo: Getty Images)
Originally Posted on: Linked In by: Jennifer Merritt
Amid the debate about college costs and the value of a university degree, in May, 7.4% of high school graduates were unemployed, while just 3.8% of university graduates were without a job, according to seasonally adjusted data from the US Bureau of Labor Statistics (BLS). That trend — of almost double the unemployment rate for high school grads compared with college grads — has largely held steady even amid the U.S. recession. Those with no high school degree were the worst off, with an unemployment rate of 11.1%.
Kathleen Kingsbury writes for BBC Capital that the trend isn't one limited to only American workers. Workers with a university degree are more likely to be employed in many countries across the globe, she writes in "How crucial is a degree around the world?"
"A university education, for instance, offers Europeans a significant boost. In 2012, the 27 countries in the Euro zone had a total unemployment rate of about 10%,
according to data from Eurostat, the EU agency that tracks statistical
data for member states located in Luxembourg. Yet for college graduates,
unemployment was about one-third lower, at 6%," Kingsbury writes.
Even
in a country like Spain, where unemployment is expected to stay above
25% through 2016, university graduates have an advantage, with a jobless
rate of 17%.
There are exceptions to the overall
utility of a college degree when it comes to joblessness — for instance,
when an economy is booming or when high school prepares people better
for jobs. In these cases — like in Germany or in Japan — university
graduates barely get an edge.
And there are some
stark contrasts between younger graduates and more experienced
university degree-holders. For instance, back in Spain, "45% of
university graduates aged 16 to 24 are unemployed, according to the
country’s national statistical office, far higher than the overall
unemployment rate for university graduates," Kingsbury writes. The BBC
took a deep dive into the plight of the young and jobless at the end of 2012 — including a look at various measures around the world to help young people find work.
But the story points to evidence that even for those young grads, the degree is worth it down the road. Read more here.
What
do you think? Even with the current state of unemployment among young
degree holders, particularly in Europe, does this bigger picture of
employment of college grads versus high school grads, impact your
perception of the value of a degree?
(Photo: Getty Images)
Originally Posted on: Linked In by: Jennifer Merritt
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