Younger workers who are not college graduates are seeing one of their lowest unemployment rates in recent history, according to a Burning Glass Institute analysis reported by the Wall Street Journal.
The Wall Street Journal reported Sunday night that the analysis shows an extremely strong job market for those between 22 and 34 years of age without diplomas from a higher education institution.
The historically low unemployment rate among this demographic, which rivals lows since 2003, breaks with the rates of unemployment among college-educated peers in the same age window, per the analysis:
Now, though, just as job hunters without degrees are having one of their best runs, those with college educations are having one of their worst. And those with advanced degrees or in fields such as science and technology are having an even harder time than usual.
That divergence of fortunes is a departure from what the U.S. economy has seen for years, and much of it boils down to supply and demand: There aren’t enough skilled tradespeople to go around, for example, as older generations retire and immigration drops.
Meanwhile, more Americans have college degrees than ever, just as artificial intelligence is doing more of the entry-level work companies typically hire young graduates for.
The report comes days after an extremely strong jobs report on Friday, with the United States adding 162,000 jobs in August with unemployment holding at 4.1 percent, the same rate as in July. The report blew past economists’ forecast of just 55,000 jobs and an uptick in unemployment to 4.2 percent.
As Breitbart News Economics and Finance Editor John Carney reported:
The private sector added 127,000 jobs in August, far more than the 53,000 expected. The prior month’s gain of 30,000 was revised up to 71,000.
Manufacturing payrolls rose by 16,000, above the 5,000 estimated. The July estimate was revised up from a gain of 5,000 to a gain of 14,000. Durable goods added 15,000 jobs in August after adding 24,000 in July and 13,000 in June.
Construction added 22,000 following an 18,000 gain in July. Construction has been increasingly in demand thanks to a data center building spree.
Leisure and hospitality unexpectedly added 62,000 jobs after contracting in July and June. Retail services added a slight 1,400 and wholesale added 7,800. Transportation and warehousing added 5,000 and utilities 2,500.
The jobs numbers come after revisions to both the June and July numbers, which together accounted for an additional 55,000 jobs.
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