Labor Market Improving for Those Without Formal Education - 11/20/15
The U.S. labor market has now improved to the point that people without significant formal educational attainment are beginning to progress. The unemployment rate for those who are at least twenty-five years old and lack a high school diploma declined to seven point four percent in October, a sharp drop from seven point nine percent in September according to the U.S. Labor Department.
Last year, the unemployment rate averaged nine percent for high school dropouts compared with six percent for high school graduates who did not go on to college. As reported by the Wall Street Journal, the unemployment rate for Americans with at least a bachelor’s degree averaged just three point two percent last year. The unemployment rate for those lacking a high school degree has been in decline though more of these folks are looking for work.
The labor force participation rate for those who are twenty five years or older with less than a high school diploma is now approaching forty six percent, up from forty percent during the second quarter. The participation rate is set to climb further in November as Walmart and other major retailers step up holiday season hiring.