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Posted by: Michael Mandel on September 01
Since I’ve been hammering on bad news for the young and college grads, here is some good news from today’s employment report.
The unemployment rate for college grads fell from 2.1% in July to 1.8% in August, lowest since early 2001.
And the unemployment rate for workers aged 25-34 fell from 4.8% in July to 4.4% in August, also the lowest since early 2001.
Is this a trend or a blip? Hard to say. I’ll keep a watch. Early 2001 of course was the beginning of the last recession (no matter what Greg Mankiw says), so that what we are seeing is that the labor market for educated and young workers is finally recovering to pre-recession levels.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.