OVERALL UNEMPLOYMENT: 6.9% (7.9%)
AFRICAN AMERICAN: 10.8% (12.1%)
LATINO AMERICAN: 8.8% (10.3%)
EUROPEAN AMERICAN: 6.0% (7.0%)
ASIAN AMERICAN: 7.6% (8.9%)
Previous month in parentheses.
Analysis: All groups saw drops in their unemployment rates, led by Latino America’s 150 basis point decrease. African Americans had second smallest decrease, with unemployment dropping 160 basis points.
AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE
AFRICAN AMERICAN MEN: 11.5% (12.6%)
AFRICAN AMERICAN WOMEN: 9.2% (11.1%)
AFRICAN AMERICAN TEENAGE: 23.6% (20.7%)
AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE
AFRICAN AMERICAN MEN: 65.4% (64.7%)
AFRICAN AMERICAN WOMEN: 60.1% (59.8%)
AFRICAN AMERICAN TEENAGE: 30.3% (30.0%)
Analysis: African American Men and Women saw declines in their unemployment rate, rates while African American Teenagers saw an substantive uptick in their unemployment rate by 290 basis points. Participation rates for Men and Women improved marginally. African American Teenagers saw a modest improvement of 30 basis points in October.
African American Men-Women Job Gap: African American women currently have 1,075,000 more jobs than African American men in October. This is a increase from 1,030,000 in September.
CONCLUSION: The overall economy added 638,000 million jobs in October. African America added 433,000 jobs in October or 67.9 percent of the overall jobs. From Yahoo Finance, “U.S. employers have brought back fewer jobs on net in every month since June, when payrolls rose by a record 4.78 million as stay-in-place orders and lockdowns lifted and allowed many businesses to restart operations. That trend continued in October, as the economy only slowly brought back payrolls that had been lost at the start of the pandemic. The October jobs report also continued to reflect a worrying trend seen in the past several months’ worth of data: Many individuals’ temporary furloughs or layoffs have become permanent.”