US jobless rate for college grads at 5-year low
US jobless rate for college grads falls to lowest in nearly 5 years; much higher for others
The August employment report underscores advice that high school guidance counselors and parents have been offering for years: Attending college increases your chances of getting a job.
Unemployment for college graduates fell in August to 3.5 percent. That's down from 3.8 percent in July and the lowest since November 2008. It's also less than half the national unemployment rate, which dropped to 7.3 percent last month.
For those who attended college but didn't graduate, the news is still encouraging. Unemployment for that group was 6.1 percent last month— still well below the national average.
It gets much worse for those with just a high school diploma (7.6 percent). And the highest unemployment by far is for high school dropouts (11.3 percent).
Here are some details from the government's report:
Unemployment rates for: | |||
(Numbers in percentages) | August 2013 | July 2013 | August 2012 |
White: | 6.4 | 6.6 | 7.2 |
Black: | 13.0 | 12.6 | 14.0 |
Hispanic: | 9.3 | 9.4 | 10.2 |
Asian*: | 5.1 | 5.7 | 5.9 |
Adult men: | 7.1 | 7.0 | 7.6 |
Adult women: | 6.3 | 6.5 | 7.3 |
Teenagers: | 22.7 | 23.7 | 24.5 |
20-24 years old: | 13.0 | 12.6 | 13.8 |
25-54 years old: | 6.3 | 6.4 | 7.0 |
55 and over: | 5.1 | 5.0 | 5.9 |
Veterans of Iraq/Afghanistan*: | 10.0 | 7.7 | 10.9 |
No high school diploma: | 11.3 | 11.0 | 12.0 |
High school graduate: | 7.6 | 7.6 | 8.7 |
Some college: | 6.1 | 6.0 | 6.6 |
College graduates: | 3.5 | 3.8 | 4.1 |
Duration of Unemployment | |||
Average length (weeks): | 37 | 36.6 | 39.3 |
Jobless 6 months or more (pct.): | 37.9 | 37.0 | 40.0 |
* not seasonally adjusted | |||
Source: Labor Department |
