Skip to content

14

-Jack Ware

Posted above is a FRED graph of unemployment in the past 10 years. All lines are based of variable aspects within the U.S (Green-high school degree, Red-college degree, Purple-doctoral degree, Dark blue-entire U.S) except for the light blue, which represents general unemployment in Canada. When observing the time period around 2009, we can observe the effects of the Great Recession where we see spikes in the unemployment rates. Those without a college degree in the U.S suffer the steepest increase as seen by the green line where unemployment rises from 4.7  percent in 2008 to 11 percent in October 2019. The effects can also be seen by those with a college degree where unemployment rises from 2 percent in 2008 to 5.3 percent in July 2009. The global effect can also be scene as unemployment in Canada rises in general sync with the U.S around the 2008-2010 time period.

An interesting element to note is the purple line which represents the unemployment rate for those with a doctoral degree. We can see that they suffer a minor increase around 2009, changing from 1.6 percent in March to 3.8 percent in June. However, this change quickly rebounds. This quick rebound makes sense given that there are few doctors when compared to the general population and a general demand for doctors. This raises questions as to whether certain jobs are above the scope of drastic unemployment changes. We can see from August 2011 to December 2011 doctoral degree unemployment rises from 1.6 percent to 3.8 percent. However unemployment rates for those with a college degree (red) or only a high school degree (green) decrease over the same time period.

From the graph, the correlation of education to unemployment rate stands out. Those with lesser education feel the effects of recessions to a much steeper rise in unemployment as seen when comparing the green line to the red line. Globally we can see that recessions appear to have some universal effect as both U.S and Canadian unemployment rates rose around the period 2008-2009. When looking at the graph we also observe that the unemployment rate for those with doctoral degrees appears to function much more independently than those with college degrees or high school degrees.  The relative horizontal purple graph provides evidence that more advanced job positions are more stable in the U.S economy.