Wave of college grads found jobs in January

WASHINGTON — The U.S. unemployment rate dipped to 6.6 percent in January from 6.7 percent in December as college graduates flooded the job market, and most found work.

Among workers older than 25, 668,000 college graduates began looking for jobs last month, according to the Labor Department report issued Friday. And a nearly equal number of college graduates — 663,000 — were hired.

Their influx illustrates that U.S. workers, as a group, continue to become better educated. Employers have hired an average of 136,333 college graduates each month over the past year.

This has contributed to a decline in the unemployment rate among those with higher educations to 3.2 percent from 3.7 percent in January 2013.

Not every social group benefited from the unemployment rate’s decline to its lowest level since October 2008. The rate rose for African-Americans, Hispanics, and workers younger than 24.

Some economists had expected many people to stop looking for work last month after 1.4 million Americans lost their extended federal unemployment benefits at the end of last year. People are required to look for work to qualify for unemployment benefits. Once their checks were cut off, many former beneficiaries had been expected to end their job searches.

But the departures were minimal. And new arrivals caused the number of people seeking jobs to increase after the number had dropped the previous two months.

Economists expect many former recipients of unemployment benefits to give up their job searches in the weeks ahead. Once they do, they would no longer be counted as unemployed.

The share of unemployed Americans who have been without a job for at least half a year declined last month.

More in Herald Business Journal

Camano artist mixes flask, paintings for successful cocktail

Art flasks prove popular as bachelorette gifts, birthday presents and wedding favors.

Small retailers aim for emotional ties big chains may lack

“Put yourself into the community more and the money will come back to you.”

A look at what some stores have planned for Black Friday

With unemployment low, stores are hoping customers are in a mood to shop.

Boeing bolsters team for potential 797 with leading engineer

Terry Beezhold has been chief project engineer for the 777X program.

Uber paid off their hackers — they’re far from the only ones

“More and more companies have their own Bitcoin wallets for such cases.”

Airline defendants to pay $95 million in 9/11 settlement

The litigation claimed that security lapses led the planes to be hijacked in the Sept. 11 attacks.

Trump SoHo to shed ‘Trump’ amid reports of sagging business

The president’s company said it would have no comment beyond its news release announcing the move.

Uber reveals cover-up of hack affecting 57M riders, drivers

Uber acknowledges paying the hackers $100,000 to destroy the stolen information a year ago.

Mountlake Terrace-based 1st Security Bank wasn’t traded publicly during the recession, but it has seen a steady growth since the recession. (Jim Davis / HBJ)
How stocks in local banks fared since the recession

Every bank was hit hard during the recession, but most have bounced back in a big way.

Most Read