Degree is just an easy answer, and one that moves someone high on the pile IF they get someone who can put it on their resume.
It is interchangeable with many other things. Anything which shows "stick to it" attitude. Time in military, red cross or any kind of volunteer work, membership in any social organization such as kiwanis or the elks lodge. Basically anything that says "more than a high school disploma and living in my parents house waiting for someone to hand me a job because I think I know enough".
If you dont have ANY of those then by all means consider getting some while you are looking for work. Dont let the job gap build to years of "I was living at home and looking for work" (my brother-in-law comes to mind)
Now might not be the best time for this
But I often would say that besides college, military time is the next best thing. In 3 or 4 years (depending on the branch of service) you can have a pretty nice resume. Job training, job experience, supervisor status, licenses and certifications, and proof that you wont quit the first time the boss asks you to do overtime. They have their own little towns and you can get pretty much any kind of job. Warehouseman, Morale and Welfare (running a gym or a theatre or bowling alley), Civil Engineering (carpenter, plumber, electrician, heating and air condition), cop, fireman, accountant, cook, hospital tech, radio station, computer programmer. Im biased but I liked the Air Force. We joked about it being the service where we wave bye-bye as the OFFICERS go to war (the pilots in the planes)
ok... end of brother-in-law speach