Millions of recent high school graduates are gearing up to attend college later this year, but the advantage in the labor market for young people with at least a bachelor’s degree is the smallest on record, Federal Reserve Bank of New York data show.
The unemployment rate averaged 4.7% for recent college graduates in the three months ended in March, while it was 6.2% for young workers without a bachelor’s degree, according to the regional Fed bank. So while the higher-education premium still exists, the gap is the narrowest in data back to 1990. At the same time, the cost to attend college is rising.
