OVERALL UNEMPLOYMENT: 11.1% (13.3%)
AFRICAN AMERICAN: 15.4% (16.8%)
LATINO AMERICAN: 14.5% (17.6%)
EUROPEAN AMERICAN: 10.1% (12.4%)
ASIAN AMERICAN: 13.8% (15.0%)
Previous month in parentheses.
Analysis: Every group saw a significant decline in their unemployment rate with Latino Americans having the biggest decline of 310 basis points. Asian Americans had the smallest decline with 120 basis points.
AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE
AFRICAN AMERICAN MEN: 16.3% (15.5%)
AFRICAN AMERICAN WOMEN: 14.0% (16.5%)
AFRICAN AMERICAN TEENAGE: 23.2% (34.9%)
AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE
AFRICAN AMERICAN MEN: 65.2% (63.9%)
AFRICAN AMERICAN WOMEN: 60.0% (59.9%)
AFRICAN AMERICAN TEENAGE: 30.4% (32.7%)
Analysis: African American Women had a significant change in their unemployment rate with a 250 basis point drop in their unemployment rate with a negligible change in their participation rate. African American Men saw a 80 basis point increase in their unemployment rate, but also experienced a significant 130 basis point increase in their participation rate. African American Teenagers always the most volatile group historically saw their unemployment rate drop by a staggering 1,170 basis points, but it seems like it woas 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 1,023,000 more jobs than African American men in June. This is a increase from 843,000 in May.
CONCLUSION: Wall Street continues on a unprecedented tear and Main Street is building an economic mansion, but unsure whether they are on solid dirt of loose sand – maybe even quicksand. The economy added a jaw dropping 4.8 million job in the month of June, African Americans managed to add 404,000 jobs or 8.4 percent of the job total after comprising 11.3 percent in May. The Main Street economy, where the majority of African America’s financial reality resides is still waiting to see what the Federal government will do when it comes to unemployment benefits and other fiscal stimulus. If the Republicans allow the benefits to lapse believing the economy is truly roaring back on its own versus being propped up it could be as disastrous as the states who opened up prematurely and are now facing an uphill battle to constrain the virus again. Banks have offered extensions on mortgage relief for another three months so that may ease some of the pain along with allowing the amounts to be added onto the back end of the mortgage which had been a huge concern among many. This has provided an indirect stimulus to many households, but very little to African Americans who are the lowest home ownership group.
African America currently needs 862,000 jobs to match America’s unemployment rate.