Recent college graduates are having a tough time.
Although they have survived both the recession and weak recovery far better than those without a degree, blacks who finished four years of college are suffering from unemployment rates that are painfully high compared with their white counterparts. (12.4 % versus 4.9% respectively),
There has always been a gap between black and white college grads but this has widened. In 2007, for example, there was only a 1.4% point difference. Also, historically, the periods during and immediately after downturns have been harder on blacks than on whites. But in this current cycle, the trend has been even more extreme.
Younger workers absorbed the brunt of job losses during the Great Recession, and black college graduates, are also subject to persistent racial discrimination despite advances in civil rights, and have suffered from a double disadvantage, the report concluded.
There’s no doubt that having a college education improves the relative situation of any black American compared with any other black American.
Astoundingly, the unemployment rate in 2013 was lower among whites who never finished high school (9%) than it was for blacks with some college education (10.5%). Black graduates are suffering from a version of last hired, first fired, For many recent black graduates, the benefits of a college education haven’t yet lived up to the promise. And the delay in finding a job can reverberate years down the road, reducing wages over a lifetime.
Even degrees in science, technology, engineering and math — so-called STEM fields where the demand is high — have not immunized recent black graduates against job search difficulty. From 2010 to 2012, the average unemployment rate among young black engineers was 10 percent, the center reported, while the underemployment rate was 32 percent.
Clearly, our black and brown bothers are struggling despite the Stock Exchange breaking 18.000 and overall unemployed rate is 5.8%
Sources: New York Times
John Schmitt at the Center for Economic and Policy Research.