Overall Unemployment: 4.9% (4.9%)
African America Unemployment: 8.4% (8.6%)
Latino America Unemployment: 5.4% (5.8%)
European America Unemployment: 4.3% (4.4%)
Asian America Unemployment: 3.8% (3.5%)
Previous month in parentheses.
Analysis: Overall unemployment was unchanged. All groups except Asian America saw a decline in their unemployment rate, who saw a 30 basis point increase in their unemployment rate. Latino America led the way with the largest decrease of 40 basis points, followed by African America’s 20 basis points, and lastly, European America’s 10 basis points.
African American Male Unemployment: 8.2% (8.2%)
African American Female Unemployment: 7.3% (7.3%)
African American Teenage Unemployment: 25.7% (31.2%)
African American Male Participation: 67.7% (67.8%)
African American Female Participation: 61.0% (60.9%)
African American Teenage Participation: 27.7% (29.2%)
Analysis: African American men unemployment rate was unchanged, with 10 basis point decrease in their participation rate. African American women unemployment rate was also unchanged, but a 10 basis point increase in their participation rate. African American teenagers had an decrease of 550 basis points in their unemployment rate, but had a worrisome 150 basis point decrease in their participation rate.
CONCLUSION: The overall economy added 255 000 jobs in July. African America added only 31 000 jobs in July, a decline from June’s AAJR of 32 000. Again, two straight months of anemic jobs growth for African America after adding 122 000 jobs in May. However, these figures are in line with traditional jobs growth for African America, while May was an anomaly. If there is a current silver lining for African America, it is our banking industry. With an explosion in new deposits and demand for even more new deposits, African American owned banks and credit unions could see a need to increase employment to handle the new demand. That is the short term optimism, while the long term gain could be in new lending for African American small businesses.
African America currently needs 680 000 jobs to match America’s unemployment rate.