Job Recovery Looks Better for the Highly Educated

Even more reason to head back to school: A report issued by the U.S. Bureau of Labor Statistics points out that there has been job growth in the bleak American economy, but you’ll need higher education if you want a piece of the job recovery pie.

The latest report, published with data from December 2012, finds there’s been as much as an 8 percent leap in employment from 2010 to 2012 — but only if you have a master’s degree.

It’s good news for the educated and bad news for those with only a high school diploma. While those with a master’s experienced an 8 percent spike in employment and those with a bachelor’s scored a 5 percent increase in employment, associate’s degree holders only experienced 3 percent employment growth, and those with high school diplomas fared much, much worse, posting nearly a 2 percent decrease in employment over the last two years. Job growth was the fastest within the smallest group — of those with master’s, doctorates, and professional degrees, 1.1 million more had jobs in 2012. When compared to the job market in 2010, that’s nearly a 7 percent increase.

Still, jobs in manufacturing, retail and construction — jobs typically not requiring a college degree — experienced job recovery gains in 2012, so not all is lost for those who are without a master’s degree.

Of course, the numbers make sense: with unemployment numbers high, the market is flooded with qualified job seekers. Naturally, employers are taking the cream of the crop with such lush pickings, leaving those with less education in the dust. What the report doesn’t say is how many of those with higher education are working at jobs below their degree level. With employment supply and demand so skewed, some job seekers have learned to be less picky with their situations, meaning master’s degree holders might be working more, but making less than they did before the bubble burst.

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