College Majors With the Lowest Unemployment
Americans with a bachelor’s degree are nearly half as likely to be unemployed than those with only a high school diploma, according to January 2020 data from the Bureau of Labor Statistics. While earning a college degree is a proven way to reduce the likelihood of unemployment, not all undergraduate fields of study feed into careers with equally solid job security.
Using data from the U.S. Census Bureau’s 2018 American Community Survey, 24/7 Wall St. identified the college majors with the lowest unemployment rates. Across all labor force participants with a bachelor’s degree, the annual unemployment rate stood at 2.6% in 2018. Among the majors on this list, the unemployment rate at that time ranged from 1.6% down to effectively zero.
It is important to note that since 2018, the U.S. job market has changed markedly, largely as a result of the COVID-19 pandemic. Unemployment soared from a multi-decade low to a high not seen since the Great Depression in just a matter of months, affecting Americans of all education levels. Here is a list of American businesses that might not survive the coronavirus.
Still, while the economic recovery remains uncertain, many of the majors on this list lead to careers that will likely remain in demand for years to come.
The higher job security among college graduates who chose the majors on this list does not necessarily mean these jobs will also come with high salaries. While workers from six majors on this list have average annual incomes in the six-figure range, many other majors on the list have salaries lower than the average annual salary of $61,519 among working college graduates. While educators are considered an essential class of worker in the United States, many of the lowest-paying majors on this list are in the field of education, with several having average annual salaries below $40,000 a year. Here is a list of the college majors that pay off the most.