Roosevelt Institute intern Charlie Eisenhood dug up this data on the unemployment rate by age and education from the Current Population Survey (CPS). Here it is in September 2010:
And here it was in December 2007 when the recession started:
Here is the difference between the two, along with the percent increase, so a (100%) is a doubling:
What jumps out for me? College educated 20-24 year olds have the highest percentage increase. This should hit against a structural unemployment story, as college educated people have the freshest skills and incredibly high mobility. Its worth pointing them out in particular because if their careers hit a rough spot hysteresis sets in and theyll have serious wage losses years down the road.
The other thing that jumps out at me is that everyone 55-64 has more than doubled their unemployment rate. One thing we arent talking about enough is that someone who is 60 and has been unemployed for a year isnt going to find a decent job again. Why dont we temporarily lower the retirement age, conditional on a bunch of hoops?
Why dont we do that especially rather than raising the retirement age, as the December debate is likely to be over, when 55-64 year olds have had such a large jump in unemployment?
What jumps out at you when you look at this data?