The Unemployment Rate Is Still a Little Higher Than It Was In 2007

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Inspired by this, here’s an interesting chart:

This shows the unemployment rate by education level starting at its low point in 2007 and going through today. For high school dropouts, unemployment is now the same as it was at the top of the housing boom. However, unemployment for everyone else is still about half a point higher than it was in 2007. This suggests that despite the headline unemployment rate being at its 2007 low, there’s still some labor slack in the system.

So how is it that the headline number is the same as it was in 2007 but its constituent parts are higher? It’s all about demographics and disaggregation. There are more college grads and high school grads than there were ten years ago, and they bring down the overall number. However, if you disaggregate, you find that we still have a little ways to go before we truly reach 2007 levels. If you’re interested, there’s more about how disaggregation works here.

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Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

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