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Who Are the Unemployed?

Posted on | December 5, 2008 |

We’ve all heard that the unemployment rate in the U.S. is the highest it’s been since the early 1980’s, and likely to rise, but just who is it that is unemployed?

I was curious about this because I know people who have been laid off, but it certainly isn’t anything like the dot-com bubble. I work in the tech industry, so I would expect the dot-com bust to have been more pronounced. I have a suspicion that the majority of those laid off in the past 4-6 months have been from the financial services sector - investment bankers, brokers and the like - or auto workers. But alas, I am foiled. I can’t find anything that provides a break down by sector. The closest I’ve been able to find is non-farm vs. farm jobs. :-/

Anyway, I did find one thing that should reinforce the belief that education is essential in today’s economy:

Unemployment for those with less than a high school diploma in Oct. 2008 was a whopping 10.3%!

High school graduates, with no college degree: 6.3%

Some college or associate degree: 5.2%

Bachelor’s degree and higher: 3.2%

(all data from Employment status of the civilian population 25 years and over by educational attainment)

These are national averages, so the rates may be higher or lower for your specific state.

The message here is clear: Get a college education! Besides the bigger paycheck, you’ll likely experience more time employed than unemployed, all other things being equal.

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