Jester
Veteran
I think you got the numbers right there Jester, but the static itself is wrong. "Full employment" is an overall employment figure of population. It has nothing to do with education. The 3.8% of educated workers is part of the overall unemployment rate, which is something well over 6% now. Those with BSs and BAs just added to the unskilled labor that made up the 3.5% and all the unskilled persons that have increased that number as well.
The concept of full employment can be subdivided into sectors because it defines that ideal point of where people are willing and able to work at the prevailing rate have jobs. The remaining people within that segment who are unemployed are considered to be frictionally unemployed who are in-between jobs within an inefficient labor market of instant employment in a perfect market. If the unemployment rate falls below the full employment rate, then there becomes wage inflation as people demand more for their services.
Yes, it is true that the 3.8% unemployment for those with bachelor degrees are part of the overall unemployment rate which in some states are in excess of 10%, but consider if those with bachelor degrees are excluded from the overall unemployment rate means those without a bachelor degree would be that much higher rate. My overall point to My Respected Dear Friend, Mr. Roability, would be that based upon the unemployment figures, those with a bachelors degree would be better able to handle economic downturns versus him looking for government intervention.
So Clarifies Jester.