Winners and Losers in the American Job Market
The national unemployment rate might be pegged at 8.3%, but if America is going to learn anything from the current economy it will need to look at the particulars that make up the total.
The Department of Numbers has been breaking apart the unemployment rate into demographic categories since 1992 and all of the following statistics come from their findings.
First, let’s talk about the big winners of the current economy. If this economy teaches one lesson, it’s that a college degree is one’s best chance of finding a job. Only 4.2% of graduates that have at least a bachelor’s degree are unemployed, the lowest amount of any demographic studied. Those that have not finished high school, on the other hand, have an unemployment rate of 12.7%.
Looking at ethnicity, Asians are outperforming all of the major racial groups with 6.2 % unemployment with White unemployment following close behind at 7.45. The hardest hit demographic of all, however are African-Americans who are faced with an unemployment rate of 14.1%. Latino’s are struggling as well, with unemployment striking more than one out of every ten.
When it comes to age, it pays to be old. Those that are 55 and older have an unemployment rate of only 6.2% while those between 25 and 35 are at 8.2%.
Finally, women are leading men in the current economy with an unemployment rate of 8.1% which is slightly better than the national average while men are towing the line at 8.4%.