Edward Glaeser notes that New York City has experienced a relatively small increases in unemployment compared to the rest of the country and provides various hypotheses to explain the circumstance in "Why Is New York’s Unemployment Rate (Relatively) Low?," for the New York Times. The hypotheses are interesting and should be read, but I linked to the article because Glaeser highlights the role of education as insurance against unemployment. I hope his observation inspires and motivates students to extend their educations beyond high school.
Despite the abundance of front-page stories with headlines like “Ivy League financier is now unemployed and homeless,” unemployment is remarkably concentrated among the least-educated Americans. Today, the seasonally unadjusted numbers show that 15.1 percent of high school dropouts are unemployed; the comparable number for college graduates is 4.2 percent.
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