by Ryan Streeter on June 2, 2012. Follow Ryan on Twitter.
The bad jobs report has gotten a lot of coverage owing to the poor rate of job creation and the stubborn unemployment rate.
I think the following table, which comes from this more detailed table in the BLS release on Friday, is a more telling picture of how stagnation feels to most people across the country.
Since the beginning of the year, the percentage of adults over the age of 25 who are engaged in work has flatlined or dipped, except for people with bachelors degrees or higher.
Most people’s social networks involve people most like themselves – namely, if you have a college degree, so do most of your friends. And so on. So, most people with an associates degree (which are included in the “some college” category) or less are not seeing much change in the employment situation around them.
The only people experiencing any positive prospects are college graduates, which is why Barack Obama is reaching out to them so aggressively. Of course, one big problem for Obama is that college-educated business owners are laboring under the heavy burden of ObamaCare and coming tax hikes. And another problem is that, even though the ratio above is inching up for college graduates, it’s still low and doesn’t “feel” like progress.