College grads less affected by recession

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WASHINGTON, Aug. 21 (UPI) -- Virtually all the jobs recovered from the recession that began in 2007 required some form of postsecondary education, says a study released Tuesday.

The study emphasizes the ongoing need for education beyond high school, the Georgetown University Center on Education and the Workforce reported.

The number of jobs requiring bachelor's degrees has grown by 2.2 million since the recession began, the study said, while 5.8 million jobs for those with a high school education or less have been lost.

The study also said the "wage premium" -- the difference in pay between high school and college graduates -- for workers with bachelor's degrees or beyond skyrocketed from 44 percent in 1981 to 100 percent in 2005. Since the start of the recession, the center noted, that premium had declined slightly, to 97 percent.

While some 7 percent of graduates with bachelor's degrees or better are still unemployed the figure is 24 percent for new high school graduates, the study found.

Another 14 percent of college graduates were working beneath their skill level, according to the study, while 42 percent of people with only high school diplomas were underemployed.

College educated workers were favored even in low-skill, blue-collar jobs, the study found.