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COVID-19 Pandemic Amplifies That College Graduates Are More Likely to Be Protected from Unemployment
A jobs report for May has shown lower unemployment and 2.5 million added jobs. This went against the expected negativity caused by the coronavirus pandemic. With this and other factors, it seems college graduates are likely to be more protected from unemployment.
“Today’s report shows much higher job creation and lower unemployment than expected, reflecting that the re-opening of the economy in May was earlier, and more robust, than projected,” said U.S. Secretary of Labor Eugene Scalia in a statement.
“Millions of Americans are still out of work, and the Department remains focused on bringing Americans safely back to work and helping States deliver unemployment benefits to those who need them. However, it appears the worst of the coronavirus’s impact on the nation’s job markets is behind us,” he added.
However, the damage imposed on the job market since February has “highlighted a widening line of inequality based on education,” Fox Business said in a report.
Protection
"The roughly 20 million jobs lost in the aftermath of the coronavirus are amplifying the economic inequalities between college graduates and other workers that have been evident for years"
Virus exposes sharp economic divide: College vs. non-college https://t.co/f6YdlvVile
— Executive Director (@ExecDirNCWE) June 9, 2020
It appears that college graduates will receive more protection.
The overall unemployment rate in May was 13.3%, down from 14.7% in April.
For workers with only a high school diploma, the unemployment rate was 15.3%. For college graduates, it was just 7.4%.
Fox Business reported that fewer than half of high school graduates are now working, while to-thirds of college graduates are.
According to Anthony Carnevale, director of the Georgetown University Center on Education and the Workforce, the roughly 20 million jobs lost due to COVID-19 magnify the economic inequalities between college graduates and other workers.
“It’s laying bare the class and racial differences in America,” he said. “It’s very plain to see because it all shows up in the data.”
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