According to this morning’s BLS report, the unemployment rate for ‘middle-educated’ workers–people with some college or an associate degree–hit a new high of 9.1% in September. That’s up from 8.2% in June, and the highest unemployment rate since this data started being collected 20 years ago.
This is not the result of an improving labor market drawing in more willing workers who were sitting on the sideline. The labor force participation rate for this group is actually lower than it was in June. I’m going to do more analysis of the numbers to see exactly what’s happening here.
Meanwhile, the labor market situation for college graduates seems to be bottoming out–‘improving’ would be too strong a word.