Georgetown Study Finds that People with College Degrees Lost Fewer Jobs in the Recession
“It is a tough job market for college graduates but far worse for those without a college education,” writes Anthony P. Carnevale, director of The Georgetown University Center on Education and the Workforce. Carnevale is co-author of a new study from the Center, entitled The College Advantage: Weathering the Economic Storm.
Summarizing the study’s findings, Carnevale notes that “At a time when more and more people are debating the value of postsecondary education, this data shows that your chances of being unemployed increase dramatically without a college degree.”
Here are some highlights from the report . . .
- Four out of five jobs lost during the recession were held by employees with only a high school diploma or less.
- Even during the recession, college-educated workers earned about twice as much as other workers with only high school diplomas.
- Even in blue collar sectors, which took the hardest hit in the recession, college-educated workers were favored. In manufacturing, for example, employment dropped 15 percent for people with high school diplomas and only one percent for those with bachelor’s degrees or better.
- In construction, employment dropped 25 percent for those with high school diplomas and only two percent for workers with a bachelor’s degree or higher.
- Since the recession began, the healthcare industry has added over one million jobs for people with two-year and four-year college degrees.
- Even in the darkest days of the recession, unemployment rates for college graduates never exceeded 6.3 percent. Today, only about 4.5% of all bachelor's degree holders do not have a job.
So the message is clear. Despite the rising cost of education, a college degree is still the best assurance of a successful future.
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