Unemployment Rates and College Dropouts
Boy times are tough! Unemployment moves up more than down. More companies are cutting jobs with no plans to add any in the foreseeable future. The outlook is so bleak that many people have just stopped looking for work. This combination of high unemployment and a shrinking job market is a deadly combination for any one looking to make a change, either because they have to or because they want to. So with that fresh in our mind it may seem hard to believe that I am suggesting now is the time to invest in yourself. Now is the time to consider going into debt to get an education. It is the only debt that you should consider at this moment, and it is one that will pay for itself in the long run.
Unemployment is still hovering around 10% nationwide and about the same in the Chicago area. In Hispanic communities it is substantially higher at more than 13%. For high school drop outs the unemployment rate is over 15%. And, for the first time since we started keeping records unemployment for those who have a four year degree has crept over 4%. Wow! That is up from 3.1% just a few years ago. But clearly you don’t need a college education to know that 10 or 15% is much higher than 4%. Without a doubt unemployment has also hit the college educated population, but not to the same degree.
Unemployment is still hovering around 10% nationwide and about the same in the Chicago area. In Hispanic communities it is substantially higher at more than 13%.For high school drop outs the unemployment rate is over 15%.
So I believe now is the time to get back to school. Take a look at where job growth is anticipated and see what kind of education you need to get into that industry. It may not be a four year college degree; it might be a vocation technical program. Consider what you are good at and what you like to do and link that to the industries that will not only be around for a while but will be growing. Don’t consider a career in financial management, an area that anticipates growth, if you are afraid of numbers and can’t sit still. If you are not a people person don’t count on a career in health care, another growth area, where you have to deal with the public, particularly a public who isn’t at their best.
Think about your interests and explore where the job growth will be, and make a plan.