In the current economic upheaval, those individuals with more education are unemployed at lower rates than all other groups.
Or by wages, assuming that wage is an indicator of educational attainment, those with $60,000+ in wages have lower rates of unemployment than those earning less than $60,000.
However, if the recession during The Great Financial Crisis of 2009 is an indicator, even those with the highest educational attainment may experience greater unemployment in later months, as the initial effects of economic slowdowns ripple through the global economy.
Important to note is that not until 12 months into the 2009 recession did those with the highest educational attainment reported statistically significant unemployment rates.
If history is prologue, as we enter the eighth month of the current economic slowdown, then the November 2020 layoff announcements in the financial services industry, including Wall Street investment banks, despite equities markets soaring to new highs may be the next indicator of more economic suffering to come:
In recent weeks, Wells Fargo cut more than 700 commercial-banking jobs and dozens of fixed-income research analysts. JPMorgan Chase & Co. started hundreds of dismissals, including about 80 at its consumer unit. Goldman Sachs Group Inc. began eliminating roughly 400 positions, including back-office roles that had been folded into bigger money-making divisions.Bloomberg News, November 10, 2020
Every individual has an inherent ability, from which they can define their life’s purpose. And, in times of economic uncertainty, like now, each individual’s unique aptitude can be a guidepost to deftly navigate narrowing employment opportunities.
Employers seek new hires who have the greatest competency, a reflection of ability, even in the most prosperous circumstances, but especially when profits may be shrinking thus increasing their discrimination in labor expenses. Thus, current college students or those seeking admissions to college would be prudent to discover and, through a diversity of experiences, gain confidence in their aptitude.
For more information about how to both plan for and navigate the complex college admissions process in order to minimize the risk of educational malinvestment, find us at Creative Marbles Consultancy