Unemployment rate for college grads dramatically lower
Story By: Associated Press
Source: AP
Published Mon Jan 12, 2009, 12:45 PM MST
Updated Mon Jan 12, 2009, 12:45 PM MST
As unemployment lines grow longer, one group of workers has a buffer against the brutal job market -- their college diplomas.
While the unemployment rate hit 7.2 percent in December, among college graduates it's just 3.7 percent.
That's because a degree usually leads to higher-paying and more stable jobs. Economic Policy Institute President Lawrence Mishel says college grads "have a privileged position in the labor
market."
That's not to say they haven't been hurt by the recession. The December jobless rate is just shy of what's believed to be the record for college grads. Labor Department data suggests the
jobless rate for graduates peaked at 3.9 percent in January of 1983.
But as the economy drags down the job market, Mishel says college grads could find themselves with a pink slip and few prospects. He predicts the unemployment rate for college graduates will reach a record 4 or 5 percent this year.
