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Monday, March 14, 2011

College-educated job seekers averaging same length of joblessness, as those without degrees


Photo Credit-Economix Blog
The average length of jobless is now
the same among individuals with
degrees, to those without.
For years prior to the current employment crisis, college-educated workers were less likely to lose their jobs, due the perceived value and cultivation an employee would have to a company. 

One of the top valve-added principals of seeking higher education was receiving a university degree or specialized technical trainings, would normally lead to lower unemployment rates than less educated workers.

Proven with labor and unemployment numbers for decades previously, those with the least education –specifically less than a high-school diploma at the minimum, were most likely to be unemployed for longer period of time.

However, in the ‘new normal’ employment market a college degree doesn't guarantee you'll find a job quickly once you've been laid off. On top of paying off an average of $35,000 dollars or more in student loan debt, college educated individuals are facing economic value position of completing a degree program over incurring obligations without adequate employment to do so.

The story of unemployment duration is quite different within the recent recession starting in 2007 caused a very large spike in the length of time workers remain unemployed, and length of joblessness are now similar for workers at all levels of educational attainment.

According to a report from the Federal Reserve Bank of Cleveland, which studied data from the U.S. Bureau of Labor Statistics, the average length of time a person will spend unemployed doesn't differ by educational attainment.

Sadly, in today’s job market, a college graduate and the high school dropout face the same average length of unemployment, which is long as 37.1 weeks as of March 2011, according to an March 4th article at the Economix Blog for the New York Times.

Some businesses segments have picked up hiring educated workers but, they are disproportionately hiring people who have spent less time out of work. This information verifies the longer an individual is unemployed in the jobless pool –college degree(s) or not, the net effect on overall average length of unemployment, becomes the same between the two groups. 

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