Recession Proof: Workers with a degree
Unemployment rates have not been this low since 2007, right before the last recession. While the economy is going strong now, what will happen to workers in the next recession? Is there a way to become “recession proof”?
During and after an economic recession job cuts are common. However, job cuts are not felt equally across all types of workers. In fact, workers who have a degree fare much better during and after a recession than workers without a degree.
For example, during the most recent recession in 2008 the unemployment rate for workers with some college but no degree topped out at 10 percent. For workers with a bachelor’s degree that rate was 5.8 percent. For the workers who never completed their bachelor’s degree and lost their jobs, nearly half may not have been unemployed if they had finished their degree.
With each additional credential or degree, workers are better off.