Unemployment Up Among College Grads in Oct; More Than 2M Now Out of Work
(CNSNews.com) - While the national seasonally adjusted unemployment rate dropped from 9.1 percent in September to 9.0 percent in October, the unemployment rate among college graduates went in the other direction, according to the Bureau of Labor Statistics, climbing from 4.2 percent to 4.4 percent.
Historically, according to BLS data, American workers who have earned at least a bachelor’s degree have experienced lower rates of unemployment than workers who have not earned a bachelor’s degree.
However, during President Barack Obama’s time in office, college graduates have not been immune from rising unemployment.
In January 2009, when Obama was inaugurated, there were approximately 1,759,000 unemployed college graduates in America, according to BLS. In October 2011, there were 2,058,000—an increase of 299,000.
Meanwhile, despite the increase in unemployment among college graduates, the unemployment rates among Americans without college degrees remained much higher in October than the rate for college graduates.
Among those without a high school degree, unemployment dropped from 14.0 percent in September to 13.8 percent in October. Among high school graduates with no college experience, it dropped from 9.7 percent in September to 9.6 percent in October. And among high school graduates who had some college education but who had not earned a college degree, it dropped from 8.4 percent in September to 8.3 percent in October.
In calculating the unemployment rates for Americans with different levels of education, the BLS only surveys those in the U.S. workforce who are 25 years or older.