For Young People, College Degrees Cut Unemployment
StateImpact has reported on Idaho’s high rate of youth unemployment. We’ve also pointed out that unemployment rates vary according to workers’ educational backgrounds. So a post from Catherine Rampell at The New York Times‘ Economix blog that compares the unemployment rates of high-school-educated twenty-somethings to their college-educated peers caught our eye.
[T]he unemployment rate for people in their 20s with college degrees or more education was 5.7 percent (for those whose highest credential was no more than a bachelor’s, the number was 5.8 percent). For those with only a high school diploma or G.E.D., it was more than twice as high, at 16.2 percent. – The New York Times
This finding has particular resonance in Idaho, which has an above average on-time high school graduation rate, but a below average rate of college-educated adults.
According to the most recent figures from the National Center for Education Statistics, Idaho has the 10th highest rate of on-time high school completion in the nation, as well as the country’s second lowest dropout rate. Meanwhile, data from the U.S. Census Bureau show that just under a quarter of Idahoans hold a bachelor’s degree or higher. Nationwide, the rate is 27.5 percent.
It’s one more indication that education is implicit in any discussion of Idaho’s economy.