The unemployment rate for Americans with at least a bachelor’s degree rose to 5.1% last month … the highest since 1970 when records were first kept … reports the Bureau of Labor Statistics. The overall jobless rate rose to 9.8%.
The well-educated make up the largest single sector of the workforce -- 30% -- and showed 2.4 million people unemployed in November.
The recession has battered manufacturing and construction workers. High school graduates recorded 10% unemployment last month, and those without a high school diploma 15.7%. The picture is a little brighter for some of those folks … with restaurants adding 34,000 jobs the past two months … and manufacturers adding 134,000 workers from January to May.
Unemployment for those in the “management, business and financial” category jumped to 5.5% in November, from 4.3% in September … and is the highest since 2000.
Many of the well-educated job cuts may have come from state and local governments, where one analyst is predicting another 250,000 layoffs in the next year.
Our thought for today is from Aristotle:
“All paid jobs absorb and degrade the mind.”