The jobless rate of Americans ages 25 to 34 who have only completed high school grew 4.3 percentage points to 10.6 percent in 2013 from 2007, according to Bureau of Labor Statistics data. Unemployment for those in that age group with a college degree rose 1.5 percentage points to 3.7 percent in the same period.
“The underemployment of college graduates affects lesser educated parts of the labor force,” said economist Richard Vedder, director of the Center for College Affordability and Productivity, a not-for-profit research organization in Washington. “Those with high-school diplomas that normally would have no problem getting jobs as bartenders or taxi drivers are sometimes kept from getting the jobs by people with college diplomas,” said Vedder, who is also a Bloomberg View contributor.
Chosen excerpts by Job Market Monitor. Read the whole story at College Grads Taking Low-Wage Jobs Displace Less Educated – Bloomberg.
- US / 41% of college grads overqualified for what they do
- US / Employment for 20 to 34-year-olds fell more than than among all workers over age 35 combined
- US / Half of College Grads Are Overqualified For Their Current Job
- Over-educated / In 1970, only one in 100 taxi drivers and chauffeurs in the US had a college degree, today 15