This is Mary Walden with economist MW, welcoming you to the economic perspective. Today’s program looks at hiring over the business cycle. Mike, when recessions hit the economy, many workers lose their jobs. Then when the economy rebounds, hiring increases. But does this pattern affect all workers in the same way, particularly for workers with different levels of education?
- The answer is no
- We now have data for the years of the Great Recession as well as the years of the recovery
- Can see a clear pattern
- Workers with the lowest education levels – particularly those without a high school degree – are the first let go and the last hired
- In comparison, college grads are the last fired and the first hired
- Reason – businesses assume extra skills for college grads – so when times are tough and they’re available, businesses hire more college grads
- Good news – recovery is now a decade old, and hiring of those with least education has really picked up; I’m MW
And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.