Overall unemployment: 13.3% (14.7%)
African American: 16.8% (16.7%)
Latino American: 17.6% (18.9%)
European American: 12.4% (14.2%)
Asian American: 15.0% (14.5%)
Previous month in parentheses.
Analysis: Overall unemployment dropped by 140 basis points. African American unemployment rate change was negligible. Latino and European Americans both saw considerable decreases in their unemployment rate. Asian America saw the only significant increase of 50 basis points.
AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE
African American Men: 15.5% (16.1%)
African American women: 16.5% (16.4%)
African American Teenage: 34.9% (28.0%)
AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE
African American Men: 63.9% (63.4%)
African American women: 59.9% (59.4%)
African American Teenage: 32.7% (25.2%)
Analysis: African American Women saw little change in their unemployment, but did see a 50 basis point increase in participation rate as they added 75,000 jobs in May. African American Men saw a 60 basis point decrease in their unemployment rate and like African American Women saw a 50 basis point increase in their participation rate with 135,000 jobs in May. African American Teenagers always the most volatile group historically saw their unemployment rate rise by 690 basis points, but also saw their participation rate rise by 750 basis points on the back of a strong 110,000 jobs added in May.
African American Men-Women Job Gap: African American women currently have 843,000 more jobs than African American men in May. This is a decrease from 903,000 in April.
CONCLUSION: With the Wall Street roaring back, many would presume this to be a huge boom for Main Street. Unfortunately, despite the economy seeing a 2.5 million job increase in the month of May, African Americans managed to add 283,000 jobs or just 11.3 percent of the job total. The Main Street economy, where the majority of African America’s financial reality resides is on very shaky ground. Few economist believe that the economy which has been on lock down due to the pandemic could, would, or will bounce back quickly. For many, it feels like more illusion. Half of all Americans do not have enough savings for a $400 emergency, let alone a pandemic that forced many to sit home with no pay aside from the White House’s $1,200 stimulus, which may see a round two as the president hopes to be in citizens favor closer to election. There is also massive social unrest as well gripping the country, but Wall Street has decided the effects are minimal on the economic engine. We shall see.
African America currently needs 693,000 jobs to match America’s unemployment rate.