Posted September 24, 2018 05:37:50A study from the US Department of Labor released on Monday found that the unemployment rate among college graduates dropped dramatically from 2015 to 2016, as well as among those who did not graduate from college.
In total, 7% of the workforce lost their jobs in 2017, the Department of Education found.
The figures represent a 10% drop from the previous year, and are likely to remain flat through 2020, the department noted.
That is less than half of the rate among those in the labor force, and it means the job market is improving for a small percentage of people.
The unemployment rate for graduates is about 10%.
That was a big problem during the Great Recession, but that has all changed, the report noted.
In 2016, 1.7 million Americans were employed in the US, with a jobless rate of 5.9%.
The new figures, based on a new study, showed that, overall, the unemployment rates for graduates dropped significantly in 2017 compared to the previous three years.
This is the first time in the study’s history that the number of unemployed people who graduated from college was greater than those who worked, the authors wrote.
But the number working rose, while the unemployment numbers for those who dropped out of college rose.
The unemployment rate was also lower for graduates in 2018, when it was just 1.5%, the researchers found.
“This suggests that the decline in the unemployment problem among graduates is not primarily due to the collapse of the job markets,” the report read.
“The decline in joblessness among graduates may reflect a rise in the number in the workforce, a temporary reduction in the work force participation rate, and a drop in the employment rate for the population as a whole.”
The report noted that the decrease in unemployment among graduates was also less than the 7% decline that the Department found among those with no college education.
The number of jobs lost in the first six months of 2017 was the largest for graduates since at least 2007, according to the study.
At the same time, unemployment was lower for those with college degrees than for the general population, the study found.