Looking at this graph showing the unemployment rate according to four levels of education, one is clearly struck that, yes, education matters regarding jobs.
The data starts in 1992 and includes only one previous recession (the stock/tech bust in 2001). You will notice that early last year those with “less than a high school diploma” recovered a little better than the more educated groups – possibly because construction increased due to the tax credit. Unfortunately, all that changed in September as the unemployment rate increased sharply.
Data from Calculated Risk