By Economics Editor
According to the Department of Numbers, it appears that education does indeed pay in job stability. As the data illustrates in Table 1, those with less than a high school education had an unemployment rate of 7.1 percent for the month of May. In contrast, those with a bachelor’s degree or higher had an unemployment rate of 2.4 percent for the month of May.
Here’s the data for May 2016
|Table 1 – Education and Unemployment Rate|
|Education Level||May 2016|
|Bachelor’s Degree or Higher||2.4|
|Some College or Associate Degree||3.9|
|High School Grad/No College||5.1|
|Less than High School||7.1|
|Source: Department of Numbers|
As the data clearly suggests, the greater the education a person obtains, the greater the job stability that person will have in the work force. And as this news site reported in a previous article titled Top 10 Paying Bachelor’s Degrees, there is a relationship between the type of degree, the skills demanded, and the amount a person will make in a year. This extra focus further adds to the job stability of a worker out in the market place.
These facts together could explain why those with a bachelor’s degrees have experienced such low unemployment rates, in general, going back to before 1996. Graph 1 makes this point crystal clear as it shows the strong employment of those workers with bachelor degrees.
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Categories: Economic News