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NewsThe higher your education the higher your earnings, the Bureau of Labor...

The higher your education the higher your earnings, the Bureau of Labor Statistics figures show

Although the chances of getting a job in the US after graduation seem to be low, employers and government still value the higher education, official statistics show. These statistics are yet another proof that the old axiom: the more you learn, the higher you earn, stands still.

The report covers data for employees aged 25 or more. According to these figures, graduates with the highest level of education – doctoral and professional degrees – earn a triple amount of money in comparison with those whose education level was the lowest- under the high school. Meanwhile, Bachelor graduates earn $907 more than the average salary for all occupations.

As you can see from the chart below a person with a Professional degree earns $1,836 weekly, while the one with a high school diploma earns $712 per week. The second most paid graduates are those who held a doctorate degree earning $1,743 weekly.

Further on, statistics show another fact worth mentioning: the higher the education the lower the rate of unemployment. In 2017, people with Doctorate and Professional degrees had both an unemployment rate of just 1.5%, the lowest among all education levels. By contrast, those who held a high school diploma had the highest rate of unemployment at 4.6.

Around the same time, the National Association of Colleges and Employers (NACE) conducted a survey to measure the job outlook for the Class 2018. The survey found out that employers will hire fewer graduates of this generation.

Only 150 or 15.7% out of 958 NACE employer members participated in this survey. According to the survey, employers plan to hire 1.3% fewer graduates of the Class 2018. This is the first decrease in hiring projection since 2010. Retail and insurance companies amounted for the most part of this decrease. There will be 42% of job places available for 2018 graduates in Insurance companies following recent natural disasters like hurricanes and floods. On the other hand, retail companies are about to cut the hiring projection by 32% because, as they say, the changes of the landscape in their industry are unfavourable and there is a deficiency for key openings.

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