Does a college degree matter? It does for employment!

8 November 2008 1 views No Comment

I’d like to call your attention to two charts from the October Bureau of Labor Statistics report.

First, this chart. Click on the chart for a larger version.

The official October 2008 unemployment rate is 6.5%. However, if you count in discouraged workers (people who have given up trying to find a job), marginally attached workers (day labor without steady employment), and part timers who were forced into part time from full time, the rate is almost double, 11.8%.

If the economy and the employment situation feels worse than the official rate says it should, this is why. There’s a lot of economic duress out there.

Here’s the stunner of a chart. Again, click for the larger version.

A college degree holder with a bachelor’s degree or better is three times more likely to be employed in the current economy than someone who never finished high school. A college degree holder is twice as likely to be employed as someone with only a high school diploma.

Moreover, keep in mind that college degree holders are statistically likely to have bigger salaries than non-degree holders.

If there was any question about the value of a college degree, especially in tough times, this BLS report should put that question to bed. Having a college degree is more valuable from an employment perspective than not having one. With the increasing acceptance of online degrees and non-traditional degree programs, you’ve got more choices than ever for higher education.

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