Edward Conard

Top Ten New York Times Bestselling Author

  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
  • “Unintended Consequences is full of substance, it is one of the must-read books of the year, and once I finish it I will be giving it a second read through right away.” - Tyler Cowen, Professor, George Mason University
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
Upside of Inequality Oxford Unintended Consequences

AI Summary. Americans with at least a bachelor's degree make up a record 25% of the unemployed, over 1.9m workers aged 25 and up, according to US Bureau of Labor Statistics data going back to 1992. Their unemployment rate rose half a percentage point from a year earlier to 2.8%, while other education levels showed little increase.

Matthew Boesler Bloomberg
Date Posted:

25% of unemployed Americans have a college degree. Overall, degree holders had an unemployment rate of 2.8% in September, up 0.5pp y/y. 9.2% of all Americans 20–24 were unemployed in September, up 2.2pp y/y.

Are college graduates making up a record share of the unemployed?

Core argument: Americans aged 25 and over with at least a bachelor's degree made up 25% of total US unemployment in September, with more than 1.9 million unemployed — a ratio never reached before 2025 in data going back to 1992.

Americans with four-year college degrees now comprise a record 25% of total unemployment, underscoring a sharp slowdown in white-collar hiring this year. Government-shutdown delayed monthly figures published Thursday by the US Bureau of Labor Statistics showed the unemployment rate for bachelor’s degree-holders rose to 2.8% in September, up a half-percentage point from a year earlier. Other levels of education, by contrast, registered little or no increase over the same period. here were more than 1.9 million Americans aged 25 and over with at least a bachelor’s degree who were unemployed in September — one in four of the total number of unemployed. Before 2025, the ratio never reached such a high in data going back to 1992. Thursday’s BLS figures showed young Americans are bearing the brunt of the recent rise in joblessness. The unemployment rate for those between the ages of 20 and 24 was 9.2% in September, up 2.2 percentage points from a year earlier — an increase of a magnitude not seen historically outside recessions.

Takeaways by Macro Roundup® AI

  1. Americans aged 25 and over with at least a bachelor's degree made up 25% of total US unemployment in September, with more than 1.9 million unemployed — a ratio never reached before 2025 in data going back to 1992.
  2. The unemployment rate for bachelor's degree-holders rose to 2.8% in September, up half a percentage point from a year earlier, while other education levels registered little or no increase, according to the US Bureau of Labor Statistics.
  3. Unemployment among Americans aged 20 to 24 was 9.2% in September, up 2.2 percentage points from a year earlier, an increase of a magnitude not seen historically outside recessions.

Related Articles:

  • What the Graduate Unemployment Story Gets Wrong — Comparing recent graduates with others newly entering the labor market, rather than with all non-graduates of similar age, shows those without a degree are faring worse: US unemployment among recent college graduates is up 1.3 percentage points from its low, versus 2.4 points for recent entrants without a degree.
  • Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial Intelligence — Using payroll records covering millions of US workers, the authors find employment for workers aged 22–25 in occupations most exposed to artificial intelligence, such as software developers and customer service representatives, declined 6%, while employment for older workers in those occupations rose 6–9%. Employment in less-exposed occupations grew comparably across age groups.
  • Military Officer Quality in the All-Volunteer Force — The authors find a steady decline in U.S. Marine Corps officers' General Classification Test scores, which is statistically associated with the expansion of college attendance and explains 96% of the measured change. They also find a positive association between African American officers and mean test scores, arguing affirmative action has not lowered officer quality.
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