Job opportunities for college graduates are at an all-time high, according to a new study from the Georgetown University Center on Education and the Workforce.
Researchers examined U.S. Census Bureau data on hourly wages from 1973 to 2007 and found that from 1967 to 2007, the share of professional and high-skill management positions grew 14%. Such jobs now make up 35% of all U.S. jobs, compared with low-skill jobs such as retail workers or dishwashers that now account for just 29% of jobs—a 10% drop.
"The increasing technological sophistication of our economy has increased the demand for educated workers who can utilize that technology," the authors say in the report.
That demand has driven up wages for those with bachelor's degrees, according to the report. Although college-educated individuals make up just 34% of workers, in 2012 they earned 53% of wages. Comparatively, in 1967, workers who held a high school diploma or less accounted for 70% of employees and earned 60% of wages.
"It is time to recognize that the transition from an industrial to a post-industrial economy has resulted in a shift away from an economy rooted in high school-level skills to an economy anchored in postsecondary education and training," write the authors (Otani, BloombergBusiness, 4/13).
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