September 13, 2012, 9:31am,
Topics: recession, unemployment, college degree, jobs
Sky-high student debt and countless stories about the plight of unemployed or underemployed college graduates has prompted a new wave of speculation as to whether college is really worth it. So perhaps some you might need this reminder: you know what’s even harder than not having a job? Not having a job or a college degree.
A new study from Georgetown University’s Center on Education and the Workforce finds that a college degree is indeed the best defense against unemployment. “It’s a tough job market for college graduates,” the report says, “but far worse for those without a college education.”
While the unemployment rate for recent four year college graduates is 6.8%, according to researchers the unemployment rate for recent high school graduates is nearly 24%. Additionally, nearly 200,000 jobs for workers with at least a Bachelor’s degree were added during the recession; 2 million jobs for college-educated workers have been added during the recovery. At the same time, nearly four out of every five jobs destroyed by the recession were held by workers with a high school diploma or less.
Read the executive summary and download the full report here.