Indeed, the government snapshot of the job market in December found that 7.7% of those over age 25 who had only a high school diploma were unemployed, but only 3.3% of those with four-year college or graduate degrees were unemployed.

There has been speculation that college grads are taking jobs that don’t generally require a four-year degree, but pay well nonetheless, such as electrician or machinist or dental hygienist. The New York Fed economists find, however, that the share of underemployed college grads in such jobs has been falling, and the share in low-wage jobs has been rising. They also find that the share of college grads working part-time has been rising.