The unemployment rate for college graduates fell to 2.1% in August, the lowest since 2001, and about the same level which prevailed at the beginning of the last recession in March 2001 (this number includes advanced degrees as well).

But another measure, the employment-population ratio, indicates no significant recovery. Its current level, 76.5% for college graduates, is still well below the 77.7% level of March 2001, and the 78.7% average for 1992-2000.

This graph (based on three month moving averages) shows no sign of a rebound in the college labor market.

Depending on how you calculate it, we are missing about 2-3% of the college-trained population from the pool of employed workers. That's a heck of a lot.

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