Labor force participation has declined the most high school graduates and those with some college. It has actually risen for high school drop outs.

FRED Graph

Compare that to the dynamics of the unemployment rate for these groups.

FRED Graph

Relatively speaking unemployment grew the least for high school dropouts and may be declining the fastest, though the series is very volatile.

Lasting looking at employment itself.

FRED Graph

Here you get the exact opposite effect. The number of employed college graduates has grown while the number of employed high school dropout has shrank.

My off the cuff interpretation was that the economy was shifting towards more and more employment of educated workers, but the growth rate of this shift slowed down.

But that doesn’t seem to be the case

FRED Graph

What that would suggest are shifts in the labor pool. The United States is becoming more educated faster than the economy would absorb educated workers.

Though of course this doesn’t comport with our general sense of the evolution of the economy.

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