EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, negative health impacts to people of color, rate peaked at 11%, compared to a 5% peak, hinking Like a Lawyer: A Framework for Teaching Critical Thinking to AlI Students. information you provide is encrypted and transmitted securely. Click on graph for larger image. In October 2014, the unemployment rate edged down to 5.8 percent. Racial categories, therefore, do not explain the much more dramatic difference between the unemployment rate between those with and without a bachelor’s degree. Tracked early into gifted and talented programs in my hometown of Brooklyn, I was afforded opportunities my neighborhood peers were not. The impact of the coronavirus disease 2019 (COVID-19) on the U.S. labor market is unprecedented in modern history. The jump from March 2020’s 10.3% rate to April’s rate is the highest unemployment rate month-to-month increase since reporting started in 1948. Especially for women and people of color. My. For those 25 years and older with a bachelor's degree or more education, the unemployment rate was 3.1 percent, down from 3.8 percent in October 2013. Educational attainment levels alone are normally insufficient when seeking to comprehend economic effects. Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Unemployment rates by educational attainment, October 2014 on the Internet at https://www.bls.gov/opub/ted/2014/ted_20141112.htm (visited November 12, 2020). unemployment rates (27 percentage point decrease) use of income support (9 percentage point decrease) Wealth. Some thoughts: Since workers with bachelor's degrees typically have a lower unemployment rate, rising educational attainment is probably a factor in pushing down the overall unemployment rate over time. According to the National Center for Education Statistics, it literally still pays to go to college. Here is how you know. Rate % % % % * Minimum education as defined by BLS. Unemployment rates by educational attainment, October 2014. ... by highest level of educational attainment, 2015–16. The black unemployment rate is nearly or more than twice the white unemployment rate regardless of educational attainment. The first graph shows the unemployment rate by four levels of education (all groups are 25 years and older) through September 2020. Racial inequities often help to provide deeper context. All Rights Reserved, This is a BETA experience. The Bureau for Labor Statistics’ April 2020 job report reveals that the unemployment rate is currently 14.7%. make sure you're on a federal government site. Also, I'd guess more education would mean less labor turnover, and that education is a factor in lower weekly claims (prior to the pandemic). }, Trends in Educational Attainment in the U.S. Labor Force, A leading real-estate data junkie is now focused on the impact of the coronavirus. Here is some data on the U.S. labor force by educational attainment since 1992. With degrees in law, public administration and computer science, I’ve always had a passion for equity. However, the economic pain of the COVID-19 pandemic is not distributed equally. For more information, see "The Employment Situation — October 2014" (HTML) (PDF), news release USDL‑14‑2037. An official website of the United States government In October 2014, the unemployment rate edged down to 5.8 percent. The unemployment rate by educational attainment level but also the development in individual countries shows notable differences between 2005 and 2018. I am an educator, attorney and critical thinking evangelist. Recent history, therefore, shows that the idea of a Bachelor’s degree halving the risk of unemployment in tough economic times is not a random occurrence. These discrepancies may help explain why the economic value of college is stronger for people of color. This is clearly the case regarding various aspects of the COVID-19 pandemic’s broader impact. More charts featuring Current Population Survey data can be found in Charting the labor market: Data from the Current Population Survey (PDF). For all population subgroups, and people of color and women in particular, the economic impact shows that it literally still pays to go to college. This educational attainment level also differs by race with Asian Americans at 56.5% at the highest, whites at 35.3%, African Americans at 25.2% and Hispanics at 18.4%. © 2020 Forbes Media LLC. From the disproportionately negative health impacts to people of color, to small businesses owned by people of color being disproportionately shut out of the Small Business Association’s Paycheck Protection Program, to African Americans constituting 35 out of the 40 arrests for social distancing violations in New York City, it is clear that racism has not been sheltering-in-place. if (CRcounter <= CRtoshow) { Unemployment rates, 25 years and older, by educational attainment, October 2008–October 2014, seasonally adjusted, Charting the labor market: Data from the Current Population Survey, https://www.bls.gov/opub/ted/2014/ted_20141112.htm, Using BLS Data to Match People with Disabilities with Jobs, How Women and Aging Affect Trends in Labor Force Growth, Meal Appeal: Patterns of Expenditures on Food away from Home. Table 30 Educational attainment: Year 12 (or equivalent) or non-school qualification at Certificate II level or above, Persons aged 15-64 years – 2004 to 2020, Excel Data Table Download xls [1.51 MB] Some thoughts: Since workers with bachelor's degrees typically have a lower unemployment rate, rising educational attainment is probably a factor in pushing down the overall unemployment rate over time. Opinions expressed by Forbes Contributors are their own. Note: This says nothing about the quality of jobs - as an example, a college graduate working at minimum wage would be considered "employed". What explains it? }. It is, and always has been, about twice the white unemployment rate; however, the depth of this racial inequality in the labor market rarely makes the headlines. document.writeln("