As documented in parts one and two of this series, young blacks are completing high school and college at higher rates than in the past. This third installment and subsequent reports will examine whether these increases in educational attainment have led to better labor market outcomes. The data show that education does make a difference. College-educated young blacks have higher employment rates than less-educated blacks. However, blacks overall still suffer from lower employment rates than whites. This gap in employment rates increased during the recent recession and is still larger than its pre-recession level.